0001736541 nio:SeriesA1ConvertibleRedeemablePreferredSharesMember 2015-03-31 0001736541 nio:SeriesA2ConvertibleRedeemablePreferredSharesMember 2015-03-31 0001736541 nio:SeriesA1ConvertibleRedeemablePreferredSharesMember 2015-03-01 2015-03-31 0001736541 nio:SeriesA2ConvertibleRedeemablePreferredSharesMember 2015-03-01 2015-03-31 0001736541 nio:SeriesA2ConvertibleRedeemablePreferredSharesMember 2015-05-31 0001736541 nio:SeriesA2ConvertibleRedeemablePreferredSharesMember 2015-05-01 2015-05-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2015-09-30 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2015-09-01 2015-09-30 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember us-gaap:ManagementMember 2015-11-30 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember us-gaap:ManagementMember 2015-11-01 2015-11-30 0001736541 us-gaap:RestrictedStockMember nio:EmployeesMember nio:PrimeHubsRestrictedSharesPlanMember 2015-01-01 2015-12-31 0001736541 us-gaap:RestrictedStockMember nio:NonEmployeesMember nio:PrimeHubsRestrictedSharesPlanMember 2015-01-01 2015-12-31 0001736541 nio:EmployeeStockOptionAndRestrictedSharesMember nio:NioIncentivePlansMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2015-01-01 2015-12-31 0001736541 nio:EmployeeStockOptionAndRestrictedSharesMember nio:NioIncentivePlansMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2015-01-01 2015-12-31 0001736541 nio:EmployeeStockOptionAndRestrictedSharesMember nio:NioIncentivePlansMember 2015-01-01 2015-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember us-gaap:ManagementMember 2016-03-01 2016-03-10 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2016-06-30 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2016-06-01 2016-06-30 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2016-07-31 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2016-07-01 2016-07-31 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2016-08-31 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2016-08-01 2016-08-31 0001736541 nio:JointInvestmentAgreementMember nio:NanjingXingzhiTechnologyIndustryDevelopmentCoLtdMember 2016-09-07 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2016-09-30 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2016-09-01 2016-09-30 0001736541 2016-01-01 2016-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2016-01-01 2016-12-31 0001736541 us-gaap:RestrictedStockMember nio:EmployeesMember nio:PrimeHubsRestrictedSharesPlanMember 2016-01-01 2016-12-31 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2016-01-01 2016-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember 2016-01-01 2016-12-31 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember 2016-01-01 2016-12-31 0001736541 nio:SeriesDConvertibleRedeemablePreferredSharesMember 2016-01-01 2016-12-31 0001736541 nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember 2016-01-01 2016-12-31 0001736541 nio:SeriesAConvertibleRedeemablePreferredSharesMember 2016-01-01 2016-12-31 0001736541 us-gaap:RetainedEarningsMember nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember 2016-01-01 2016-12-31 0001736541 us-gaap:ParentMember nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember 2016-01-01 2016-12-31 0001736541 us-gaap:ParentMember nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2016-01-01 2016-12-31 0001736541 us-gaap:RetainedEarningsMember nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2016-01-01 2016-12-31 0001736541 us-gaap:RetainedEarningsMember nio:SeriesBConvertibleRedeemablePreferredSharesMember 2016-01-01 2016-12-31 0001736541 us-gaap:ParentMember nio:SeriesBConvertibleRedeemablePreferredSharesMember 2016-01-01 2016-12-31 0001736541 us-gaap:NoncontrollingInterestMember 2016-01-01 2016-12-31 0001736541 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-01-01 2016-12-31 0001736541 us-gaap:AdditionalPaidInCapitalMember 2016-01-01 2016-12-31 0001736541 us-gaap:TreasuryStockMember 2016-01-01 2016-12-31 0001736541 us-gaap:CommonStockMember 2016-01-01 2016-12-31 0001736541 us-gaap:RetainedEarningsMember 2016-01-01 2016-12-31 0001736541 us-gaap:ParentMember 2016-01-01 2016-12-31 0001736541 nio:HubeiChangjiangNextevNewEnergyInvestmentManagementCo.Ltd.Member 2016-01-01 2016-12-31 0001736541 nio:BeijingChjInformationTechnologyCo.Ltd.Member 2016-01-01 2016-12-31 0001736541 nio:HubeiChangjiangNextevNewEnergyIndustryDevelopmentCapitalPartnershipMember 2016-01-01 2016-12-31 0001736541 nio:JiangsuXindianAutomotiveCo.Ltd.Member 2016-01-01 2016-12-31 0001736541 nio:BeijingXinyiHudongGuanggaoCo.Ltd.Member 2016-01-01 2016-12-31 0001736541 nio:BiteShijieBeijingKejiCo.Ltd.Member 2016-01-01 2016-12-31 0001736541 nio:BeijingChehuiHudongGuanggaoCo.Ltd.Member 2016-01-01 2016-12-31 0001736541 us-gaap:ResearchAndDevelopmentExpenseMember 2016-01-01 2016-12-31 0001736541 us-gaap:SellingAndMarketingExpenseMember 2016-01-01 2016-12-31 0001736541 nio:NingboMeishanFreeTradePortZoneWeilanInvestmentCo.Ltd.Member 2016-01-01 2016-12-31 0001736541 country:US 2016-01-01 2016-12-31 0001736541 country:GB 2016-01-01 2016-12-31 0001736541 country:DE 2016-01-01 2016-12-31 0001736541 nio:SuzhouZenleadXptNewEnergyTechnologiesCo.Ltd.Member 2016-01-01 2016-12-31 0001736541 nio:BaiduCapitalL.P.Member 2016-01-01 2016-12-31 0001736541 srt:ParentCompanyMember 2016-01-01 2016-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember srt:MinimumMember 2016-01-01 2016-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember srt:MaximumMember 2016-01-01 2016-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember srt:MinimumMember 2016-01-01 2016-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember srt:MaximumMember 2016-01-01 2016-12-31 0001736541 nio:VehicleSalesMember 2016-01-01 2016-12-31 0001736541 nio:ChargingPileMember 2016-01-01 2016-12-31 0001736541 nio:PackagesMember 2016-01-01 2016-12-31 0001736541 nio:OthersRevenueMember 2016-01-01 2016-12-31 0001736541 nio:JianghuaiAutomobileGroupCoLtdMember 2016-01-01 2016-12-31 0001736541 us-gaap:CostOfSalesMember 2016-01-01 2016-12-31 0001736541 nio:NioIncentivePlansMember nio:EmployeesMember us-gaap:RestrictedStockMember 2016-01-01 2016-12-31 0001736541 nio:ShanghaiNioHonglingInvestmentManagementCo.Ltd.Member 2016-01-01 2016-12-31 0001736541 nio:ShanghaiWeishangBusinessConsultingCo.Ltd.Member 2016-01-01 2016-12-31 0001736541 nio:BeijingBitautoInformationTechnologyCo.Ltd.Member 2016-01-01 2016-12-31 0001736541 nio:NioCapitalMember 2016-01-01 2016-12-31 0001736541 nio:KunshanSiwopuIntelligentEquipmentCo.Ltd.Member 2016-01-01 2016-12-31 0001736541 us-gaap:RestrictedStockMember 2016-01-01 2016-12-31 0001736541 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-12-31 0001736541 us-gaap:PreferredStockMember 2016-01-01 2016-12-31 0001736541 2016-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2016-12-31 0001736541 us-gaap:RestrictedStockMember nio:EmployeesMember nio:PrimeHubsRestrictedSharesPlanMember 2016-12-31 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2016-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember 2016-12-31 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember 2016-12-31 0001736541 nio:SeriesDConvertibleRedeemablePreferredSharesMember 2016-12-31 0001736541 nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember 2016-12-31 0001736541 us-gaap:NoncontrollingInterestMember 2016-12-31 0001736541 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0001736541 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001736541 us-gaap:TreasuryStockMember 2016-12-31 0001736541 us-gaap:CommonStockMember 2016-12-31 0001736541 us-gaap:RetainedEarningsMember 2016-12-31 0001736541 us-gaap:ParentMember 2016-12-31 0001736541 srt:ParentCompanyMember 2016-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember srt:MinimumMember 2016-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember srt:MaximumMember 2016-12-31 0001736541 nio:NioIncentivePlansMember nio:EmployeesMember us-gaap:RestrictedStockMember 2016-12-31 0001736541 us-gaap:ConvertibleNotesPayableMember nio:SeriesBConvertibleRedeemablePreferredSharesMember 2017-02-16 0001736541 us-gaap:ConvertibleNotesPayableMember 2017-02-16 0001736541 us-gaap:ConvertibleNotesPayableMember 2017-02-01 2017-02-16 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember us-gaap:ConvertibleNotesPayableMember 2017-02-01 2017-02-16 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2017-02-28 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2017-02-01 2017-02-28 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember 2017-03-31 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember 2017-03-01 2017-03-31 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember 2017-04-30 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember 2017-04-01 2017-04-30 0001736541 nio:SecuredLoanAgreementMember nio:BankOfNanjingMember 2017-05-17 0001736541 us-gaap:ConvertibleNotesPayableMember 2017-05-16 2017-05-17 0001736541 nio:SecuredLoanAgreementMember nio:BankOfNanjingMember 2017-05-16 2017-05-17 0001736541 nio:JointInvestmentAgreementMember nio:WuhanDonghuNewTechnologyDevelopmentZoneManagementCommitteeMember nio:WuhanNioEnergyCoLtdMember 2017-05-18 0001736541 nio:NioSportMember nio:PurchaseAgreementMember 2017-06-01 0001736541 nio:NioSportMember nio:PurchaseAgreementMember 2017-05-31 2017-06-01 0001736541 nio:JointInvestmentAgreementMember nio:WuhanDonghuNewTechnologyDevelopmentZoneManagementCommitteeMember nio:WuhanNioEnergyCoLtdMember 2017-06-29 2017-06-30 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember 2017-07-31 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember 2017-07-01 2017-07-31 0001736541 nio:LoanAgreementMember nio:ChinaMerchantsBankMember 2017-09-28 0001736541 nio:LoanAgreementMember nio:ChinaMerchantsBankMember 2017-09-27 2017-09-28 0001736541 nio:JointInvestmentAgreementMember nio:WuhanDonghuNewTechnologyDevelopmentZoneManagementCommitteeMember nio:WuhanNioEnergyCoLtdMember 2017-06-28 2017-09-29 0001736541 nio:SeriesDConvertibleRedeemablePreferredSharesMember 2017-11-30 0001736541 nio:SeriesDConvertibleRedeemablePreferredSharesMember 2017-11-01 2017-11-30 0001736541 2017-01-01 2017-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 us-gaap:RestrictedStockMember nio:EmployeesMember nio:PrimeHubsRestrictedSharesPlanMember 2017-01-01 2017-12-31 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember 2017-01-01 2017-12-31 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 nio:JointInvestmentAgreementMember nio:WuhanDonghuNewTechnologyDevelopmentZoneManagementCommitteeMember nio:WuhanNioEnergyCoLtdMember 2017-01-01 2017-12-31 0001736541 nio:SeriesDConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 nio:PrimeHubsLimitedMember 2017-01-01 2017-12-31 0001736541 nio:SeriesAConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 us-gaap:RetainedEarningsMember nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 us-gaap:ParentMember nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 us-gaap:ParentMember nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 us-gaap:RetainedEarningsMember nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 us-gaap:RetainedEarningsMember nio:SeriesBConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 us-gaap:ParentMember nio:SeriesBConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 us-gaap:NoncontrollingInterestMember 2017-01-01 2017-12-31 0001736541 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-12-31 0001736541 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-12-31 0001736541 us-gaap:TreasuryStockMember 2017-01-01 2017-12-31 0001736541 us-gaap:CommonStockMember 2017-01-01 2017-12-31 0001736541 us-gaap:RetainedEarningsMember 2017-01-01 2017-12-31 0001736541 us-gaap:ParentMember 2017-01-01 2017-12-31 0001736541 nio:HubeiChangjiangNextevNewEnergyInvestmentManagementCo.Ltd.Member 2017-01-01 2017-12-31 0001736541 nio:BeijingChjInformationTechnologyCo.Ltd.Member 2017-01-01 2017-12-31 0001736541 nio:HubeiChangjiangNextevNewEnergyIndustryDevelopmentCapitalPartnershipMember 2017-01-01 2017-12-31 0001736541 nio:JiangsuXindianAutomotiveCo.Ltd.Member 2017-01-01 2017-12-31 0001736541 nio:BeijingXinyiHudongGuanggaoCo.Ltd.Member 2017-01-01 2017-12-31 0001736541 nio:BiteShijieBeijingKejiCo.Ltd.Member 2017-01-01 2017-12-31 0001736541 nio:BeijingChehuiHudongGuanggaoCo.Ltd.Member 2017-01-01 2017-12-31 0001736541 us-gaap:ResearchAndDevelopmentExpenseMember 2017-01-01 2017-12-31 0001736541 us-gaap:SellingAndMarketingExpenseMember 2017-01-01 2017-12-31 0001736541 nio:NingboMeishanFreeTradePortZoneWeilanInvestmentCo.Ltd.Member 2017-01-01 2017-12-31 0001736541 country:US 2017-01-01 2017-12-31 0001736541 country:GB 2017-01-01 2017-12-31 0001736541 country:DE 2017-01-01 2017-12-31 0001736541 nio:SuzhouZenleadXptNewEnergyTechnologiesCo.Ltd.Member 2017-01-01 2017-12-31 0001736541 nio:BaiduCapitalL.P.Member 2017-01-01 2017-12-31 0001736541 srt:ParentCompanyMember 2017-01-01 2017-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember srt:MinimumMember 2017-01-01 2017-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember srt:MaximumMember 2017-01-01 2017-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember nio:EmployeesOfNioUsMember 2017-01-01 2017-12-31 0001736541 us-gaap:RestrictedStockMember nio:NioIncentivePlansMember nio:EmployeesOfNioUsMember 2017-01-01 2017-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember srt:MinimumMember 2017-01-01 2017-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember srt:MaximumMember 2017-01-01 2017-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember nio:Non-NioUsEmployeesMember 2017-01-01 2017-12-31 0001736541 us-gaap:ParentMember nio:SeriesCConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 us-gaap:RetainedEarningsMember nio:SeriesCConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 us-gaap:RetainedEarningsMember nio:SeriesDConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 us-gaap:ParentMember nio:SeriesDConvertibleRedeemablePreferredSharesMember 2017-01-01 2017-12-31 0001736541 nio:VehicleSalesMember 2017-01-01 2017-12-31 0001736541 nio:ChargingPileMember 2017-01-01 2017-12-31 0001736541 nio:PackagesMember 2017-01-01 2017-12-31 0001736541 nio:OthersRevenueMember 2017-01-01 2017-12-31 0001736541 nio:JianghuaiAutomobileGroupCoLtdMember 2017-01-01 2017-12-31 0001736541 us-gaap:CostOfSalesMember 2017-01-01 2017-12-31 0001736541 nio:NioIncentivePlansMember nio:EmployeesMember us-gaap:RestrictedStockMember 2017-01-01 2017-12-31 0001736541 nio:ShanghaiNioHonglingInvestmentManagementCo.Ltd.Member 2017-01-01 2017-12-31 0001736541 nio:ShanghaiWeishangBusinessConsultingCo.Ltd.Member 2017-01-01 2017-12-31 0001736541 nio:BeijingBitautoInformationTechnologyCo.Ltd.Member 2017-01-01 2017-12-31 0001736541 nio:NioCapitalMember 2017-01-01 2017-12-31 0001736541 nio:KunshanSiwopuIntelligentEquipmentCo.Ltd.Member 2017-01-01 2017-12-31 0001736541 us-gaap:RestrictedStockMember 2017-01-01 2017-12-31 0001736541 us-gaap:EmployeeStockOptionMember 2017-01-01 2017-12-31 0001736541 us-gaap:PreferredStockMember 2017-01-01 2017-12-31 0001736541 2017-12-31 0001736541 nio:SeriesA1ConvertibleRedeemablePreferredSharesMember 2017-12-31 0001736541 nio:SeriesA2ConvertibleRedeemablePreferredSharesMember 2017-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2017-12-31 0001736541 us-gaap:RestrictedStockMember nio:EmployeesMember nio:PrimeHubsRestrictedSharesPlanMember 2017-12-31 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2017-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember 2017-12-31 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember 2017-12-31 0001736541 nio:SecuredLoanAgreementMember nio:BankOfNanjingMember 2017-12-31 0001736541 nio:SeriesDConvertibleRedeemablePreferredSharesMember 2017-12-31 0001736541 nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember 2017-12-31 0001736541 us-gaap:NoncontrollingInterestMember 2017-12-31 0001736541 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001736541 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001736541 us-gaap:TreasuryStockMember 2017-12-31 0001736541 us-gaap:CommonStockMember 2017-12-31 0001736541 us-gaap:RetainedEarningsMember 2017-12-31 0001736541 us-gaap:ParentMember 2017-12-31 0001736541 nio:HubeiChangjiangNextevNewEnergyInvestmentManagementCo.Ltd.Member 2017-12-31 0001736541 nio:BeijingChjInformationTechnologyCo.Ltd.Member 2017-12-31 0001736541 nio:JiangsuXindianAutomotiveCo.Ltd.Member 2017-12-31 0001736541 nio:BeijingXinyiHudongGuanggaoCo.Ltd.Member 2017-12-31 0001736541 nio:BiteShijieBeijingKejiCo.Ltd.Member 2017-12-31 0001736541 nio:BeijingChehuiHudongGuanggaoCo.Ltd.Member 2017-12-31 0001736541 nio:NingboMeishanFreeTradePortZoneWeilanInvestmentCo.Ltd.Member 2017-12-31 0001736541 nio:SuzhouZenleadXptNewEnergyTechnologiesCo.Ltd.Member 2017-12-31 0001736541 nio:BaiduCapitalL.P.Member 2017-12-31 0001736541 srt:ParentCompanyMember 2017-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember srt:MinimumMember 2017-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember srt:MaximumMember 2017-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember nio:EmployeesOfNioUsMember 2017-12-31 0001736541 us-gaap:RestrictedStockMember nio:NioIncentivePlansMember nio:EmployeesOfNioUsMember 2017-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember nio:Non-NioUsEmployeesMember 2017-12-31 0001736541 nio:NioIncentivePlansMember nio:EmployeesMember us-gaap:RestrictedStockMember 2017-12-31 0001736541 nio:NioCapitalMember 2017-12-31 0001736541 nio:NanjingWeibangTransmissionTechnologyCo.Ltd.Member 2017-12-31 0001736541 nio:KunshanSiwopuIntelligentEquipmentCo.Ltd.Member 2017-12-31 0001736541 us-gaap:ManufacturingFacilityMember 2017-12-31 0001736541 us-gaap:ComputerEquipmentMember 2017-12-31 0001736541 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2017-12-31 0001736541 nio:ResearchAndDevelopmentEquipmentMember 2017-12-31 0001736541 us-gaap:LeaseholdImprovementsMember 2017-12-31 0001736541 us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember 2017-12-31 0001736541 us-gaap:LicensingAgreementsMember 2017-12-31 0001736541 us-gaap:TradeNamesMember 2017-12-31 0001736541 us-gaap:ConstructionInProgressMember 2017-12-31 0001736541 nio:BinLiMember 2017-12-31 0001736541 nio:LihongQinMember 2017-12-31 0001736541 nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember srt:ParentCompanyMember 2017-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember srt:ParentCompanyMember 2017-12-31 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember srt:ParentCompanyMember 2017-12-31 0001736541 nio:IpoPerformanceStockOptionMember nio:NioIncentivePlansMember nio:Non-NioUsEmployeesMember 2017-12-31 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember srt:ParentCompanyMember 2017-12-31 0001736541 nio:SeriesDConvertibleRedeemablePreferredSharesMember srt:ParentCompanyMember 2017-12-31 0001736541 us-gaap:ToolsDiesAndMoldsMember 2017-12-31 0001736541 us-gaap:BuildingAndBuildingImprovementsMember 2017-12-31 0001736541 nio:ChargingBatterySwapInfrastructureMember 2017-12-31 0001736541 srt:MaximumMember 2017-12-31 0001736541 srt:MinimumMember 2017-12-31 0001736541 us-gaap:CommonClassAMember 2017-12-31 0001736541 us-gaap:CommonClassBMember 2017-12-31 0001736541 us-gaap:CommonClassCMember 2017-12-31 0001736541 us-gaap:CommonClassAMember srt:ParentCompanyMember 2017-12-31 0001736541 us-gaap:CommonClassBMember srt:ParentCompanyMember 2017-12-31 0001736541 us-gaap:CommonClassCMember srt:ParentCompanyMember 2017-12-31 0001736541 nio:ShanghaiWeilanHonglingInvestmentManagementCo.Ltd.Member 2017-12-31 0001736541 us-gaap:RestrictedStockMember nio:NioIncentivePlansMember nio:NonEmployeesMember 2017-12-31 0001736541 nio:SeriesDConvertibleRedeemablePreferredSharesMember 2017-12-01 2017-12-31 0001736541 nio:LoanAgreementMember nio:ChinaCiticBankMember 2018-02-02 0001736541 nio:LoanAgreementMember nio:ChinaCiticBankMember 2018-02-01 2018-02-02 0001736541 nio:JointInvestmentAgreementMember nio:WuhanDonghuNewTechnologyDevelopmentZoneManagementCommitteeMember nio:WuhanNioEnergyCoLtdMember 2018-04-15 2018-04-16 0001736541 nio:BankOfShanghaiMember nio:LoanAgreementMember 2018-05-14 0001736541 nio:BankOfShanghaiMember nio:LoanAgreementMember 2018-05-13 2018-05-14 0001736541 nio:JointInvestmentAgreementMember nio:NanjingXingzhiTechnologyIndustryDevelopmentCoLtdMember 2018-05-16 0001736541 nio:XptAutomotiveTechnologyCoLtdMember 2018-06-30 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember us-gaap:ManagementMember 2018-06-01 2018-06-30 0001736541 nio:LoanAgreementOneMember nio:ChinaCiticBankMember 2018-08-17 0001736541 nio:LoanAgreementOneMember nio:ChinaCiticBankMember 2018-08-16 2018-08-17 0001736541 us-gaap:RestrictedStockMember nio:FormerEmployeeMember nio:PrimeHubsRestrictedSharesPlanMember 2018-08-31 0001736541 us-gaap:IPOMember 2018-09-11 2018-09-12 0001736541 us-gaap:IPOMember 2018-09-13 2018-09-14 0001736541 us-gaap:OverAllotmentOptionMember 2018-10-11 2018-10-12 0001736541 nio:LoanAgreementOneMember nio:BankOfShanghaiMember 2018-11-30 0001736541 nio:LoanAgreementOneMember nio:BankOfShanghaiMember 2018-11-29 2018-11-30 0001736541 nio:LoanAgreementOneMember nio:BankOfShanghaiMember 2018-12-20 0001736541 nio:LoanAgreementOneMember nio:BankOfShanghaiMember 2018-12-19 2018-12-20 0001736541 nio:LoanAgreementOneMember nio:BankOfShanghaiMember 2018-12-24 0001736541 nio:LoanAgreementOneMember nio:BankOfShanghaiMember 2018-12-23 2018-12-24 0001736541 2018-01-01 2018-12-31 0001736541 nio:SeriesA1ConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 nio:SeriesA2ConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 us-gaap:RestrictedStockMember nio:EmployeesMember nio:PrimeHubsRestrictedSharesPlanMember 2018-01-01 2018-12-31 0001736541 us-gaap:RestrictedStockMember nio:NonEmployeesMember nio:PrimeHubsRestrictedSharesPlanMember 2018-01-01 2018-12-31 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember 2018-01-01 2018-12-31 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 nio:JointInvestmentAgreementMember nio:WuhanDonghuNewTechnologyDevelopmentZoneManagementCommitteeMember nio:WuhanNioEnergyCoLtdMember 2018-01-01 2018-12-31 0001736541 nio:SeriesDConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 nio:PrimeHubsLimitedMember 2018-01-01 2018-12-31 0001736541 nio:SeriesAConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 us-gaap:RetainedEarningsMember nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 us-gaap:ParentMember nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 us-gaap:ParentMember nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 us-gaap:RetainedEarningsMember nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 us-gaap:RetainedEarningsMember nio:SeriesBConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 us-gaap:ParentMember nio:SeriesBConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-12-31 0001736541 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-12-31 0001736541 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001736541 us-gaap:TreasuryStockMember 2018-01-01 2018-12-31 0001736541 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001736541 us-gaap:RetainedEarningsMember 2018-01-01 2018-12-31 0001736541 us-gaap:ParentMember 2018-01-01 2018-12-31 0001736541 nio:HubeiChangjiangNextevNewEnergyInvestmentManagementCo.Ltd.Member 2018-01-01 2018-12-31 0001736541 nio:BeijingChjInformationTechnologyCo.Ltd.Member 2018-01-01 2018-12-31 0001736541 nio:HubeiChangjiangNextevNewEnergyIndustryDevelopmentCapitalPartnershipMember 2018-01-01 2018-12-31 0001736541 nio:JiangsuXindianAutomotiveCo.Ltd.Member 2018-01-01 2018-12-31 0001736541 nio:BeijingXinyiHudongGuanggaoCo.Ltd.Member 2018-01-01 2018-12-31 0001736541 nio:BiteShijieBeijingKejiCo.Ltd.Member 2018-01-01 2018-12-31 0001736541 nio:BeijingChehuiHudongGuanggaoCo.Ltd.Member 2018-01-01 2018-12-31 0001736541 us-gaap:ResearchAndDevelopmentExpenseMember 2018-01-01 2018-12-31 0001736541 us-gaap:SellingAndMarketingExpenseMember 2018-01-01 2018-12-31 0001736541 nio:NingboMeishanFreeTradePortZoneWeilanInvestmentCo.Ltd.Member 2018-01-01 2018-12-31 0001736541 country:US 2018-01-01 2018-12-31 0001736541 country:GB 2018-01-01 2018-12-31 0001736541 country:DE 2018-01-01 2018-12-31 0001736541 nio:SuzhouZenleadXptNewEnergyTechnologiesCo.Ltd.Member 2018-01-01 2018-12-31 0001736541 nio:BaiduCapitalL.P.Member 2018-01-01 2018-12-31 0001736541 srt:ParentCompanyMember 2018-01-01 2018-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember srt:MinimumMember 2018-01-01 2018-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember srt:MaximumMember 2018-01-01 2018-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember nio:EmployeesOfNioUsMember 2018-01-01 2018-12-31 0001736541 us-gaap:RestrictedStockMember nio:NioIncentivePlansMember nio:EmployeesOfNioUsMember 2018-01-01 2018-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember srt:MinimumMember 2018-01-01 2018-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember srt:MaximumMember 2018-01-01 2018-12-31 0001736541 us-gaap:ParentMember nio:SeriesCConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 us-gaap:RetainedEarningsMember nio:SeriesCConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 us-gaap:RetainedEarningsMember nio:SeriesDConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 us-gaap:ParentMember nio:SeriesDConvertibleRedeemablePreferredSharesMember 2018-01-01 2018-12-31 0001736541 nio:VehicleSalesMember 2018-01-01 2018-12-31 0001736541 nio:ChargingPileMember 2018-01-01 2018-12-31 0001736541 nio:PackagesMember 2018-01-01 2018-12-31 0001736541 nio:OthersRevenueMember 2018-01-01 2018-12-31 0001736541 nio:JianghuaiAutomobileGroupCoLtdMember 2018-01-01 2018-12-31 0001736541 us-gaap:CostOfSalesMember 2018-01-01 2018-12-31 0001736541 nio:NioIncentivePlansMember nio:EmployeesMember us-gaap:RestrictedStockMember 2018-01-01 2018-12-31 0001736541 nio:ShanghaiNioHonglingInvestmentManagementCo.Ltd.Member 2018-01-01 2018-12-31 0001736541 nio:ShanghaiWeishangBusinessConsultingCo.Ltd.Member 2018-01-01 2018-12-31 0001736541 nio:BeijingBitautoInformationTechnologyCo.Ltd.Member 2018-01-01 2018-12-31 0001736541 nio:NioCapitalMember 2018-01-01 2018-12-31 0001736541 nio:KunshanSiwopuIntelligentEquipmentCo.Ltd.Member 2018-01-01 2018-12-31 0001736541 us-gaap:ManufacturingFacilityMember 2018-01-01 2018-12-31 0001736541 us-gaap:ComputerEquipmentMember 2018-01-01 2018-12-31 0001736541 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2018-01-01 2018-12-31 0001736541 nio:ResearchAndDevelopmentEquipmentMember 2018-01-01 2018-12-31 0001736541 us-gaap:LeaseholdImprovementsMember 2018-01-01 2018-12-31 0001736541 us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember 2018-01-01 2018-12-31 0001736541 us-gaap:LicensingAgreementsMember 2018-01-01 2018-12-31 0001736541 us-gaap:TradeNamesMember 2018-01-01 2018-12-31 0001736541 us-gaap:BuildingAndBuildingImprovementsMember 2018-01-01 2018-12-31 0001736541 nio:LoanAgreementMember nio:ChinaCiticBankMember 2018-01-01 2018-12-31 0001736541 nio:BankOfShanghaiMember nio:LoanAgreementMember 2018-01-01 2018-12-31 0001736541 nio:LoanAgreementOneMember nio:ChinaCiticBankMember 2018-01-01 2018-12-31 0001736541 nio:LoanAgreementOneMember nio:BankOfShanghaiMember 2018-01-01 2018-12-31 0001736541 us-gaap:RestrictedStockMember nio:NioIncentivePlansMember nio:Non-NioUsEmployeesMember 2018-01-01 2018-12-31 0001736541 nio:NioNextevLimitedMember 2018-01-01 2018-12-31 0001736541 nio:NioGmbhMember 2018-01-01 2018-12-31 0001736541 nio:NioCoLtdMember 2018-01-01 2018-12-31 0001736541 nio:NioUsaIncMember 2018-01-01 2018-12-31 0001736541 nio:XptLimitedMember 2018-01-01 2018-12-31 0001736541 nio:NioNextevMember 2018-01-01 2018-12-31 0001736541 nio:NioSportLimitedMember 2018-01-01 2018-12-31 0001736541 nio:XptTechnologyLimitedMember 2018-01-01 2018-12-31 0001736541 nio:XptIncMember 2018-01-01 2018-12-31 0001736541 nio:XptJiangsuInvestmentCoLtdMember 2018-01-01 2018-12-31 0001736541 nio:ShanghaiXptTechnologyLimitedMember 2018-01-01 2018-12-31 0001736541 nio:XptNanjingE-PowertrainTechnologyCoLtdMember 2018-01-01 2018-12-31 0001736541 nio:XptNanjingEnergyStorageSystemCoLtdMember 2018-01-01 2018-12-31 0001736541 nio:NioPowerExpressLimitedMember 2018-01-01 2018-12-31 0001736541 nio:NioUserEnterpriseLimitedMember 2018-01-01 2018-12-31 0001736541 nio:ShanghaiNioSalesAndServicesCoLtdMember 2018-01-01 2018-12-31 0001736541 nio:NioEnergyInvestmentHubeiCoLtdMember 2018-01-01 2018-12-31 0001736541 nio:WuhanNioEnergyCoLtdMember 2018-01-01 2018-12-31 0001736541 nio:XtronicsNanjingAutomotiveIntelligentTechnologiesCoLtdMember 2018-01-01 2018-12-31 0001736541 nio:NioTechnologyCoLtdMember 2018-01-01 2018-12-31 0001736541 us-gaap:DomesticCountryMember us-gaap:StateAdministrationOfTaxationChinaMember 2018-01-01 2018-12-31 0001736541 country:HK us-gaap:InlandRevenueHongKongMember 2018-01-01 2018-12-31 0001736541 us-gaap:TaxYear2017Member 2018-01-01 2018-12-31 0001736541 us-gaap:TaxYear2018Member 2018-01-01 2018-12-31 0001736541 nio:BeijingNioNetworkTechnologyCoLtdMember 2018-01-01 2018-12-31 0001736541 nio:ShanghaiAnbinTechnologyCoLtdMember 2018-01-01 2018-12-31 0001736541 nio:ChargingBatterySwapInfrastructureMember 2018-01-01 2018-12-31 0001736541 nio:LandUseRightsNetMember 2018-01-01 2018-12-31 0001736541 nio:OtherSalesMember 2018-01-01 2018-12-31 0001736541 us-gaap:RestrictedStockMember nio:NioIncentivePlansMember nio:NonEmployeesMember 2018-01-01 2018-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlanMember 2018-01-01 2018-12-31 0001736541 nio:StockLiabilityAwardMember 2018-01-01 2018-12-31 0001736541 us-gaap:RestrictedStockMember nio:EmployeesMember country:US nio:NioIncentivePlanMember 2018-01-01 2018-12-31 0001736541 us-gaap:RestrictedStockMember nio:EmployeesMember us-gaap:NonUsMember nio:NioIncentivePlanMember 2018-01-01 2018-12-31 0001736541 nio:LoanFacilityAgreementsMember 2018-01-01 2018-12-31 0001736541 us-gaap:RestrictedStockMember 2018-01-01 2018-12-31 0001736541 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-12-31 0001736541 us-gaap:PreferredStockMember 2018-01-01 2018-12-31 0001736541 nio:XptAutomotiveTechnologyCoLtdMember 2018-01-01 2018-12-31 0001736541 2018-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2018-12-31 0001736541 us-gaap:RestrictedStockMember nio:EmployeesMember nio:PrimeHubsRestrictedSharesPlanMember 2018-12-31 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2018-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember 2018-12-31 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember 2018-12-31 0001736541 nio:SecuredLoanAgreementMember nio:BankOfNanjingMember 2018-12-31 0001736541 nio:LoanAgreementMember nio:ChinaMerchantsBankMember 2018-12-31 0001736541 nio:SeriesDConvertibleRedeemablePreferredSharesMember 2018-12-31 0001736541 nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember 2018-12-31 0001736541 us-gaap:NoncontrollingInterestMember 2018-12-31 0001736541 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001736541 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001736541 us-gaap:TreasuryStockMember 2018-12-31 0001736541 us-gaap:CommonStockMember 2018-12-31 0001736541 us-gaap:RetainedEarningsMember 2018-12-31 0001736541 us-gaap:ParentMember 2018-12-31 0001736541 nio:HubeiChangjiangNextevNewEnergyInvestmentManagementCo.Ltd.Member 2018-12-31 0001736541 nio:BeijingChjInformationTechnologyCo.Ltd.Member 2018-12-31 0001736541 nio:JiangsuXindianAutomotiveCo.Ltd.Member 2018-12-31 0001736541 nio:BeijingXinyiHudongGuanggaoCo.Ltd.Member 2018-12-31 0001736541 nio:BiteShijieBeijingKejiCo.Ltd.Member 2018-12-31 0001736541 nio:BeijingChehuiHudongGuanggaoCo.Ltd.Member 2018-12-31 0001736541 nio:NingboMeishanFreeTradePortZoneWeilanInvestmentCo.Ltd.Member 2018-12-31 0001736541 country:GB 2018-12-31 0001736541 nio:SuzhouZenleadXptNewEnergyTechnologiesCo.Ltd.Member 2018-12-31 0001736541 nio:BaiduCapitalL.P.Member 2018-12-31 0001736541 srt:ParentCompanyMember 2018-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember srt:MinimumMember 2018-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember srt:MaximumMember 2018-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember nio:EmployeesOfNioUsMember 2018-12-31 0001736541 us-gaap:RestrictedStockMember nio:NioIncentivePlansMember nio:EmployeesOfNioUsMember 2018-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember nio:Non-NioUsEmployeesMember 2018-12-31 0001736541 nio:NioIncentivePlansMember nio:EmployeesMember us-gaap:RestrictedStockMember 2018-12-31 0001736541 nio:NioCapitalMember 2018-12-31 0001736541 nio:NanjingWeibangTransmissionTechnologyCo.Ltd.Member 2018-12-31 0001736541 nio:KunshanSiwopuIntelligentEquipmentCo.Ltd.Member 2018-12-31 0001736541 us-gaap:ManufacturingFacilityMember 2018-12-31 0001736541 us-gaap:ComputerEquipmentMember 2018-12-31 0001736541 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2018-12-31 0001736541 nio:ResearchAndDevelopmentEquipmentMember 2018-12-31 0001736541 us-gaap:LeaseholdImprovementsMember 2018-12-31 0001736541 us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember 2018-12-31 0001736541 us-gaap:LicensingAgreementsMember 2018-12-31 0001736541 us-gaap:TradeNamesMember 2018-12-31 0001736541 us-gaap:ConstructionInProgressMember 2018-12-31 0001736541 nio:BinLiMember 2018-12-31 0001736541 nio:LihongQinMember 2018-12-31 0001736541 nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember srt:ParentCompanyMember 2018-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember srt:ParentCompanyMember 2018-12-31 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember srt:ParentCompanyMember 2018-12-31 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember srt:ParentCompanyMember 2018-12-31 0001736541 nio:SeriesDConvertibleRedeemablePreferredSharesMember srt:ParentCompanyMember 2018-12-31 0001736541 us-gaap:ToolsDiesAndMoldsMember 2018-12-31 0001736541 us-gaap:BuildingAndBuildingImprovementsMember 2018-12-31 0001736541 nio:ChargingBatterySwapInfrastructureMember 2018-12-31 0001736541 srt:MaximumMember 2018-12-31 0001736541 srt:MinimumMember 2018-12-31 0001736541 us-gaap:CommonClassAMember 2018-12-31 0001736541 us-gaap:CommonClassBMember 2018-12-31 0001736541 us-gaap:CommonClassCMember 2018-12-31 0001736541 us-gaap:CommonClassAMember srt:ParentCompanyMember 2018-12-31 0001736541 us-gaap:CommonClassBMember srt:ParentCompanyMember 2018-12-31 0001736541 us-gaap:CommonClassCMember srt:ParentCompanyMember 2018-12-31 0001736541 nio:ShanghaiWeilanHonglingInvestmentManagementCo.Ltd.Member 2018-12-31 0001736541 nio:LoanAgreementMember nio:ChinaCiticBankMember 2018-12-31 0001736541 nio:BankOfShanghaiMember nio:LoanAgreementMember 2018-12-31 0001736541 nio:XptAutomotiveTechnologyCoLtdMember 2018-12-31 0001736541 nio:LoanAgreementOneMember nio:ChinaCiticBankMember 2018-12-31 0001736541 nio:LoanAgreementOneMember nio:BankOfShanghaiMember 2018-12-31 0001736541 us-gaap:RestrictedStockMember nio:NioIncentivePlansMember nio:Non-NioUsEmployeesMember 2018-12-31 0001736541 nio:NioNextevLimitedMember 2018-12-31 0001736541 nio:NioGmbhMember 2018-12-31 0001736541 nio:NioCoLtdMember 2018-12-31 0001736541 nio:NioUsaIncMember 2018-12-31 0001736541 nio:XptLimitedMember 2018-12-31 0001736541 nio:NioNextevMember 2018-12-31 0001736541 nio:NioSportLimitedMember 2018-12-31 0001736541 nio:XptTechnologyLimitedMember 2018-12-31 0001736541 nio:XptIncMember 2018-12-31 0001736541 nio:XptJiangsuInvestmentCoLtdMember 2018-12-31 0001736541 nio:ShanghaiXptTechnologyLimitedMember 2018-12-31 0001736541 nio:XptNanjingE-PowertrainTechnologyCoLtdMember 2018-12-31 0001736541 nio:XptNanjingEnergyStorageSystemCoLtdMember 2018-12-31 0001736541 nio:NioPowerExpressLimitedMember 2018-12-31 0001736541 nio:NioUserEnterpriseLimitedMember 2018-12-31 0001736541 nio:ShanghaiNioSalesAndServicesCoLtdMember 2018-12-31 0001736541 nio:NioEnergyInvestmentHubeiCoLtdMember 2018-12-31 0001736541 nio:WuhanNioEnergyCoLtdMember 2018-12-31 0001736541 nio:XtronicsNanjingAutomotiveIntelligentTechnologiesCoLtdMember 2018-12-31 0001736541 us-gaap:RestrictedStockMember nio:NioIncentivePlansMember nio:NonEmployeesMember 2018-12-31 0001736541 nio:LossExpiringIn2019Member 2018-12-31 0001736541 nio:LossExpiringIn2020Member 2018-12-31 0001736541 nio:LossExpiringIn2021Member 2018-12-31 0001736541 nio:LossExpiringIn2022Member 2018-12-31 0001736541 country:HK 2018-12-31 0001736541 country:US nio:LossExpiringIn2018Member 2018-12-31 0001736541 country:US nio:LossExpiringIn2019Member 2018-12-31 0001736541 srt:MaximumMember nio:LoanAgreementMember nio:ChinaMerchantsBankMember 2018-12-31 0001736541 srt:MinimumMember nio:LoanAgreementMember nio:ChinaMerchantsBankMember 2018-12-31 0001736541 nio:LossExpiringIn2023Member 2018-12-31 0001736541 country:US nio:LossExpiringIn2017Member 2018-12-31 0001736541 country:US nio:LossExpiringInfiniteYearsMember 2018-12-31 0001736541 nio:LoanFacilityAgreementsMember 2018-12-31 0001736541 nio:XptAutomotiveTechnologyCoLtdMember 2018-12-31 0001736541 us-gaap:SubsequentEventMember nio:ConvertibleSeniorNotes4.50PercentDueIn2024Member 2019-01-30 0001736541 us-gaap:SubsequentEventMember nio:ConvertibleSeniorNotes4.50PercentDueIn2024Member 2019-02-04 0001736541 us-gaap:SubsequentEventMember nio:ConvertibleSeniorNotes4.50PercentDueIn2024Member 2019-02-01 2019-02-04 0001736541 us-gaap:SubsequentEventMember nio:ConvertibleSeniorNotes4.50PercentDueIn2024Member 2019-02-15 0001736541 us-gaap:SubsequentEventMember nio:ConvertibleSeniorNotes4.50PercentDueIn2024Member 2019-02-28 0001736541 2015-12-31 0001736541 nio:SeriesA3ConvertibleRedeemablePreferredSharesMember 2015-12-31 0001736541 us-gaap:RestrictedStockMember nio:EmployeesMember nio:PrimeHubsRestrictedSharesPlanMember 2015-12-31 0001736541 nio:SeriesBConvertibleRedeemablePreferredSharesMember 2015-12-31 0001736541 us-gaap:EmployeeStockOptionMember nio:NioIncentivePlansMember 2015-12-31 0001736541 nio:SeriesCConvertibleRedeemablePreferredSharesMember 2015-12-31 0001736541 nio:SeriesDConvertibleRedeemablePreferredSharesMember 2015-12-31 0001736541 nio:SeriesA1AndA2ConvertibleRedeemablePreferredSharesMember 2015-12-31 0001736541 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-12-31 0001736541 us-gaap:AdditionalPaidInCapitalMember 2015-12-31 0001736541 us-gaap:TreasuryStockMember 2015-12-31 0001736541 us-gaap:CommonStockMember 2015-12-31 0001736541 us-gaap:RetainedEarningsMember 2015-12-31 0001736541 us-gaap:ParentMember 2015-12-31 0001736541 srt:ParentCompanyMember 2015-12-31 0001736541 nio:NioIncentivePlansMember nio:EmployeesMember us-gaap:RestrictedStockMember 2015-12-31 xbrli:shares iso4217:CNY iso4217:USD iso4217:USDxbrli:shares iso4217:CNYxbrli:shares xbrli:pure iso4217:GBP nio:Shareholder nio:Management_Member iso4217:USDnio:ADS nio:ADSs NIO Inc. 0001736541 Yes --12-31 No No 2018 FY nio 20-F 2018-12-31 false true Non-accelerated Filer false 79691000 7505954000 23270000 3384000 455799000 3133847000 17179000 2499000 264344000 10606000 8292000 57012000 749720000 5154703000 110030000 756508000 29556000 1243251000 88066000 12809000 20701000 3011000 89464000 213110000 1465239000 674425000 1642000 1514257000 220240000 54847000 7977000 8310005000 1268163000 12169632000 1770000000 92727000 13487000 14293000 4876000 33528000 1911013000 705862000 4853157000 4457000 1244000 3213000 505000 3470000 175000 3295000 47125000 21570000 148303000 0 31076000 213662000 50000000 1159000 7970000 131141000 205488000 1412830000 2158029000 6977051000 6672920000 970536000 8891882000 1293271000 10468034000 8245214000 18842552000 2740536000 8984609000 1306758000 28787000 271980000 1870000000 234011000 417417000 2869953000 40069000 135490000 219583000 31937000 2046971000 297720000 30055000 7464000 51317000 28922000 198852000 1285592000 492136000 3383681000 1618514000 190517000 8593386000 1249856000 2047884000 297854000 37500000 642401000 41773000 169880000 1168012000 141113000 135382000 930812000 783514000 0 2098824000 305262000 14498000 99684000 2402028000 190517000 10692210000 1555118000 312352000 2147568000 -78410000 0 0 193324000 1329197000 19657786000 427129000 2294980000 4454596000 7547760000 5011731000 193324000 1329197000 60000 60000 0 0 0 0 0 193000 1329000 33000 226000 37000 254000 1329000 193000 33000 226000 37000 254000 9186000 9186000 9186000 1336000 9186000 1336000 131907000 131907000 41918936000 6096856000 41918936000 6096856000 -13922000 -13922000 -34708000 -5048000 -34708000 -5048000 -11711948000 -11711948000 -35039810000 -5096329000 -35039810000 -5096329000 -11603089000 994406000 6837041000 11309000 -2312000 -15896000 -3916360000 -11583000 110452000 70850000 -9186000 52000 -4076945000 -3904777000 -11591780000 11309000 -13922000 131907000 -9186000 60000 -11711948000 -11603089000 -11603089000 6821145000 992094000 -15896000 -34708000 41918936000 -9186000 1809000 -35039810000 6837041000 6837041000 994406000 -499828000 54959000 13748000 -9186000 47000 -559396000 -499828000 10468034000 8245214000 18842552000 2740536000 8984609000 1306758000 1.00 1.00 1.00 1.6522 2.751 2.751 2.751 2.751 2.751 3.885 3.885 3.885 5.353 0.00025 0.00025 0.00025 0.00025 0.00025 0.00025 0.00025 0.00025 0.00025 0.00025 31720364 114867321 167142990 240000000 295000000 421355106 24210431 102144675 0 0 295000000 813868585 24210431 114867321 166205830 213585003 295000000 319210431 24210431 0 0 0 295000000 24210431 114867321 166205830 213585003 295000000 0.00025 0.00025 0.00025 0.00025 0.00025 0.00025 0.00025 0.00025 1151269325 1219469778 2500000000 132030222 148500000 36727350 777200790 132030222 148500000 23850343 770268810 132030222 148500000 0 0 0 0 0 705762000 4852470000 82184000 10220000 6297000 98701000 14355000 720117000 4951171000 4930135000 717058000 276912000 40275000 757333000 5207047000 -37216000 -255876000 1465353000 2602889000 581477000 3997942000 1137187000 24684000 2350707000 52518000 776931000 5341790000 178479000 25959000 2602540000 -24684000 4953596000 -52518000 1358408000 9339732000 -178479000 -25959000 -2602540000 24684000 -4953596000 52518000 -1395624000 -9595608000 178479000 25959000 27556000 24309000 18970000 2391000 19400000 133384000 7692000 1119000 55000 0 18084000 12389000 17983000 123643000 0 0 -5375000 -1414000 -9722000 2670000 2670000 3498000 3498000 0 0 3429000 712000 -58681000 -819000 -3105000 -21346000 6153000 895000 -2568940000 -2536316000 -5013268000 -4984734000 -1398726000 -9616935000 -9597274000 -1395866000 4314000 0 7906000 0 3206000 22044000 0 0 -2573254000 -36938000 -2536316000 -2536316000 -2536316000 -5021174000 -36440000 -4984734000 -4984734000 -4984734000 -1401932000 -9638979000 -41705000 -9597274000 -9597274000 -9597274000 -1395866000 981233000 2576935000 1987825000 13667291000 981233000 2576935000 63297000 9206000 13667291000 1987825000 -36938000 -36440000 -41705000 -6066000 -3517549000 3517549000 -7561669000 7561669000 -3392897000 -23327862000 23327862000 3392897000 55493000 55493000 55493000 -124374000 -124374000 -124374000 -3023000 -20786000 -20786000 -20786000 55493000 -124374000 -3023000 -20786000 -2517761000 -5145548000 -1404955000 -9659765000 -3462056000 -7686043000 -3395920000 -23348648000 332153211 -10.21 -70.23 16697527 21801525 332153211 -210.66 -346.84 -70.23 -10.21 -14230351 32003810 -12877007 36727350 -6931980 1057731012 -18400000 28900001 -29983000 -152769000 -798481000 -798481000 -798481000 -29983000 -29983000 -152769000 -152769000 -120451000 -40011000 -56283000 -154963000 -2205227000 -2205227000 -2205227000 -120451000 -120451000 -40011000 -40011000 -56283000 -56283000 -154963000 -154963000 -565979000 -2417979000 -2375943000 -1216227000 -7091163000 -7091163000 -7091163000 -565979000 -565979000 -2417979000 -2417979000 -2375943000 -2375943000 -1216227000 -1216227000 0 0 63297000 63297000 63297000 7526996000 7526681000 315000 7526996000 160000000 184000000 33726029000 33724621000 1408000 33726029000 821378518 6212000 6207000 5000 6212000 42251000 42224000 27000 42251000 2723540 2723540 7732317 -2176570 16026060 39104000 39104000 39104000 24723000 24723000 24723000 56183000 56183000 56183000 7273458 3353344 7720681 17998000 17998000 17998000 30127000 30127000 30127000 437320000 437320000 437320000 5000 5000 5000 3000 3000 3000 1000 1000 1000 -3103809 3103809 -2000000 2000000 -509001 509001 -2000 -2000 -2000 909917 -909917 25355000 25355000 13376000 13376000 14500000 14500000 27378000 -45956000 73334000 73334000 46087000 167858000 68973000 474223000 5540000 -49503000 -5323000 -36597000 76684000 62200000 0 14484000 90296000 23210000 67086000 0 98825000 679468000 109124000 561055000 9289000 -5375000 -1414000 -9722000 -267000 -6192000 -3134000 -21547000 209784000 404762000 117975000 811138000 89464000 200111000 1375862000 20286000 66698000 95700000 657986000 15633000 9650000 3112000 21398000 110030000 756508000 411191000 2827144000 83583000 574677000 28147000 193524000 410100000 603374000 196149000 1348622000 61199000 78629000 42344000 291137000 -2201564000 -2540639000 -4574719000 -4920905000 -7911768000 -1150719000 3917654000 569799000 654455000 1113893000 2643964000 384549000 1176744000 8090703000 427023000 2936000000 2346261000 2346261000 1337413000 1337413000 0 0 3118559000 3118559000 1340911000 1340911000 0 0 0 0 0 50000000 0 6534200066166000 9504000 0 66166000 4955000 34066000 669433000 52500000 6223178000 110900000 16130000 11693144000 1700697000 27378000 117843000 102865000 -1190273000 -6219680000 -7940843000 -1154949000 -11693144000 -1700697000 0 6207000 6207000 6145000 42251000 42251000 6145000 1862134000 401478000 2260444000 240066000 4398313000 7314387000 273686000 11093377000 11439000 78651000 78651000 11439000 13376000 14500000 2109000 47124000 6854000 1265900000 184118000 0 0 12052000 82863000 82863000 12052000 7490000 1089000 0 312624000 312624000 0 0 0 325013000 325013000 0 0 37500000 633688000 2668461000 388112000 120205000 17483000 0 0 1095344000 7531037000 7566470000 1100497000 2292704000 2260444000 12867334000 11087195000 1687601000 11603092000 7762745000 1129044000 40539000 -168120000 -8283000 -56947000 249522000 6934222000 -626350000 -4306466000 596631000 7530853000 1095317000 3224387000 468967000 347109000 55000 15434000 112682000 16389000 1129000 11157000 1623000 <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b>1. Organization and Nature of Operations</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">NIO Inc. (&#8220;NIO&#8221;, or &#8220;the Company&#8221;) was incorporated under the laws of the Cayman Islands in November, 2014, as an exempted company with limited liability. The Company was formerly known as NextCar Inc.. It changed its name to NextEV Inc. in December, 2014, and then changed to NIO Inc. in July, 2017. The Company, its subsidiaries and consolidated variable interest entities (&#8220;VIEs&#8221;) are collectively referred to as the &#8220;Group&#8221;.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The Group designs and develops high-performance fully electric vehicles. It launched the first volume manufactured electric vehicle, the ES8, to the public in December 2017. The Group jointly manufactures ES8 through strategic collaboration with other Chinese vehicle manufacturers. The Group also offers Energy and Service packages to its users. As of December 31, 2017 and 2018, its primary operations are conducted in the People&#8217;s Republic of China (&#8220;PRC&#8221;). The Group began to sell its first vehicles in June 2018. The Company&#8217;s principal subsidiaries and VIEs are as follows:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Subsidiaries</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Equity</font><br /><font style="font-family: times new roman,times;" size="2">interest&#160;held</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>Place&#160;and&#160;date&#160;of&#160;incorporation</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>or&#160;date&#160;of acquisition</b></font></p> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Principal&#160;activities</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 784px; text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">NIO NextEV Limited (&#8220;NIO HK&#8221;) (formerly known as NextEV Limited)</font></td> <td style="width: 16px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 266px;"><font style="font-family: times new roman,times;" size="2">Hong&#160;Kong,&#160;February 2015</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 254px; text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Investment&#160;holding</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">NIO GmbH (formerly known as NextEV GmbH)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Germany, May 2015</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Design&#160;and&#160;technology development</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">NIO Co., Ltd. (&#8220;NIO SH&#8221;) (formerly known as NextEV Co., Ltd.)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Shanghai, PRC, May 2015</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Headquarter&#160;and technology development</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">NIO USA, Inc. (&#8220;NIO US&#8221;) (formerly known as NextEV USA, Inc.)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">United States, November 2015</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Technology development</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">XPT Limited (&#8220;XPT&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Hong Kong, December 2015</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Investment holding</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">NIO NextEV (UK) Limited (formerly known as NextEV (UK) Limited)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">United Kingdom, February 2016</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Marketing and technology development</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">NIO Sport Limited (&#8220;NIO Sport&#8221;) (formerly known as NextEV NIO Sport Limited)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Hong Kong, April 2016</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Racing management</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">XPT Technology Limited (&#8220;XPT Technology&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Hong Kong, April 2016</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Investment holding</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">XPT Inc. (&#8220;XPT US&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">United States, April 2016</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Technology&#160;development</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">XPT (Jiangsu) Investment Co., Ltd. (&#8220;XPT Jiangsu&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Jiangsu, PRC, May 2016</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Investment holding</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Shanghai XPT Technology Limited</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Shanghai, PRC, May 2016</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Technology development</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">XPT (Nanjing) E-Powertrain Technology Co., Ltd. (&#8220;XPT NJEP&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Nanjing, PRC, July 2016</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Manufacturing of E-Powertrain</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">XPT (Nanjing) Energy Storage System Co., Ltd. (&#8220;XPT NJES&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Nanjing, PRC, October 2016</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Manufacturing of battery pack</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">NIO Power Express Limited (&#8220;PE HK)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Hong Kong, January 2017</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Investment holding</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">NextEV User Enterprise Limited (&#8220;UE HK&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Hong Kong, February 2017</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Investment holding</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Shanghai NIO Sales and Services Co., Ltd. (&#8220;UE CNHC&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Shanghai, PRC, March 2017</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Investment holding and sales and after sales management</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">NIO Energy Investment (Hubei) Co., Ltd. (&#8220;PE CNHC&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Wuhan PRC, April 2017</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Investment holding</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Wuhan NIO Energy Co., Ltd. (&#8220;PE WHJV&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Wuhan, PRC, May 2017</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Investment holding</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">XTRONICS (Nanjing) Automotive Intelligent Technologies Co. Ltd. (&#8220;XPT NJWL&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">50</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Nanjing, PRC, June 2017</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Manufacturing of components</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">XPT (Jiangsu) Automotive Technology Co., Ltd. (&#8220;XPT AUTO&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">Nanjing, PRC, May 2018</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;"><font style="font-family: times new roman,times;" size="2">Investment holding</font></td> </tr> </table> <p style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>VIE and VIE&#8217;s subsidiaries</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"></p> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>Economic<br />interest&#160;held</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"></p> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>Place and Date of incorporation</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-family: times new roman,times;" size="2"><b>or date of acquisition</b></font></p> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 768px; text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Prime Hubs Limited (&#8220;Prime Hubs&#8221;)</font></td> <td style="width: 16px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 559.14px; padding-left: 3.65pt;"><font style="font-family: times new roman,times;" size="2">BVI, October 2014</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">NIO Technology Co., Ltd. (&#8220;NIO SHTECH&#8221;) (formerly known as Shanghai NextEV Technology Co., Ltd.)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-left: 3.65pt;"><font style="font-family: times new roman,times;" size="2">Shanghai, PRC, November 2014</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Beijing NIO Network Technology Co., Ltd. (&#8220;NIO BJTECH&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-left: 3.65pt;"><font style="font-family: times new roman,times;" size="2">Beijing, PRC, July 2017</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Shanghai Anbin Technology Co., Ltd. (&#8220;NIO ABTECH&#8221;)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">100</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-left: 3.65pt;"><font style="font-family: times new roman,times;" size="2">Shanghai, PRC, April 2018</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">In accordance with the Article of Association of XPT NJWL, the Company has the power to control the board of directors of XPT NJWL to unilaterally govern the financial and operating policies of XPT NJWL and the non-controlling shareholder does not have substantive participating rights, therefore, the Group consolidates this entity.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b><i>&#160;</i></b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b><i>Initial Public Offering</i></b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">On September 12, 2018, the Company consummated its initial public offering (the &#8220;IPO&#8221;) on the New York Stock Exchange, where 160,000,000 ordinary shares were newly issued with the total net proceeds of RMB6,568,291 (US$956,362). Subsequently on October 12, 2018, over-allotment option were fully exercised and the Company received a net proceeds of RMB962,746 (US$138,982) associated with issuing additional 24,000,000 ordinary shares.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b><i>&#160;</i></b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b><i>Variable interest entity</i></b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">NIO SHTECH was established by Li Bin and Qin Lihong (the &#8220;Nominee Shareholders&#8221;) in November, 2014. In 2015, NIO SH, NIO SHTECH, and the Nominee Shareholders of NIO SHTECH entered into a series of contractual agreements, including a loan agreement, an equity pledge agreement, exclusive call option agreement and power of attorney that irrevocably authorized the Nominee Shareholders designated by NIO SH to exercise the equity owner&#8217;s rights over NIO SHTECH. These agreements provide the Company, as the only shareholder of NIO SH, with effective control over NIO SHTECH to direct the activities that most significantly impact NIO SHTECH&#8217;s economic performance and enable the Company to obtain substantially all of the economic benefits arising from NIO SHTECH. Management concluded that NIO SHTECH is a variable interest entity of the Company and the Company is the ultimate primary beneficiary of NIO SHTECH and shall consolidate the financial results of NIO SHTECH in the Group&#8217;s consolidated financial statements. In April 2018, the above mentioned contractual agreements were terminated. On the same date, NIO SHTECH became a subsidiary wholly owned by NIO ABTECH, who also became a VIE of the Group on that day<font style="color: #b5082d;">.&#160;</font>As of December 31, 2017 and 2018, NIO SHTECH did not have significant operations, nor any material assets or liabilities.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="font-family: times new roman,times;" size="2">In October&#160;2014, Prime Hubs, a British Virgin Islands (&#8220;BVI&#8221;) incorporated company and a consolidated variable interest entity of the Group, was established by the shareholders of the Group to facilitate the adoption of the Company&#8217;s employee stock incentive plans. The Company entered into a management agreement with Prime Hubs and Li Bin. The agreement provides the company with effective control over Prime Hubs and enables the Company to obtain substantially all of the economic benefits arising from Prime Hubs. As of December 31, 2017 and 2018, Prime Hubs held 26,900,001 ordinary shares and 4,250,002 Class A Ordinary Shares of the Company, respectively.</font></p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">In April 2018, NIO SH entered into a series of contractual arrangements with the Nominee Shareholders as well as NIO ABTECH and NIO BJTECH separately, each including a loan agreement, an equity pledge agreement, exclusive call option agreement and power of attorney that irrevocably authorized the Nominee Shareholders designated by NIO SH to exercise the equity owner&#8217;s rights over NIO ABTECH and NIO BJTECH. These agreements provide the Company, as the only shareholder of NIO SH, with effective control over NIO ABTECH and NIO BJTECH to direct the activities that most significantly impact their economic performance and enable the Company to obtain substantially all of the economic benefits arising from them. Management concluded that NIO ABTECH and NIO BJTECH are variable interest entities of the Company and the Company is the ultimate primary beneficiary of them and shall consolidate the financial results of NIO ABTECH and NIO BJTECH in the Group&#8217;s consolidated financial statements. As of December 31, 2018, NIO ABTECH and NIO BJTECH did not have significant operations, nor any material assets or liabilities.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b><i>&#160;</i></b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b><i>Liquidity</i></b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The Group has been incurring losses from operations since inception. The Group incurred net losses of RMB2,573,254, RMB5,021,174 and RMB9,638,979 for the years ended December 31, 2016, 2017 and 2018, respectively. Accumulated deficit amounted to RMB11,711,948 and RMB35,039,810 as of December 31, 2017 and 2018, respectively. Net cash used in operating activities was approximately RMB2,201,564, RMB4,574,719 and RMB7,911,768 for the years ended December 31, 2016, 2017 and 2018, respectively. As of December 31, 2017 and 2018, the Group&#8217;s working capital was RMB6,691,491 and RMB3,576,246.&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="font-family: times new roman,times;" size="2">The Group&#8217;s liquidity is based on its ability to generate cash from operating activities, obtain capital financing from equity interest investors and borrow funds on favorable economic terms to fund its general operations and capital expansion needs. The Group&#8217;s ability to continue as a going concern is dependent on management&#8217;s ability to successfully execute its business plan, which includes increasing revenue while controlling operating cost and expenses to generate positive operating cash flows and obtaining funds from outside sources of financing to generate positive financing cash flows. As of December 31, 2017 and 2018, the Group&#8217;s balance of cash and cash equivalents was RMB7,505,954 and RMB3,133,847. In addition, up to the date of this report, the Company has entered into loan facility agreements with several banks in China for a total principal amount of RMB&#160;7,095,000, with respective expiration date from April 27, 2019 to December 15, 2025. Moreover, the Group can adjust the pace of its operation expansion and control the operating expenses of the Group.&#160;&#160; </font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">Based on cash flows projection from operating and financing activities and existing balance of cash and cash equivalents, management is of the opinion that the Group has sufficient funds for sustainable operations and it will be able to meet its payment obligations from operations and debt related commitments for the next twelve months from the issuance of the consolidated financial statements. Based on the above considerations, the Group&#8217;s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations.</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>2. Summary of Significant Accounting Policies</b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(a) Basis of presentation</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(b) Principles of consolidation</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIE for which the Company is the ultimate primary beneficiary.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors (the &#8220;Board&#8221;): to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, 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.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">All significant transactions and balances between the Company, its subsidiaries and the VIE have been eliminated upon consolidation. The non-controlling interests in consolidated subsidiaries are shown separately in the consolidated financial statements.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(c) Use of estimates</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The preparation of the consolidated financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group&#8217;s consolidated financial statements mainly include, but are not limited to, standalone selling price of each distinct performance obligation in revenue recognition, the valuation and recognition of share-based compensation arrangements, depreciable lives of property, equipment and software, assessment for impairment of long-lived assets, inventory valuation for excess and obsolete inventories, lower of cost and net realizable value of inventories, valuation of deferred tax assets as well as redemption value of the convertible redeemable preferred shares. Actual results could differ from those estimates.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;<b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(d) Functional currency and foreign currency translation</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group&#8217;s reporting currency is the Renminbi (&#8220;RMB&#8221;). The functional currency of the Company and its subsidiaries which are incorporated in HK is United States dollars (&#8220;US$&#8221;), except NIO Sport which operates mainly in United Kingdom and uses Great Britain pounds (&#8220;GBP&#8221;). The functional currencies of the other subsidiaries and the VIE are their respective local currencies. The determination of the respective functional currency is based on the criteria set out by ASC 830,&#160;<i>Foreign Currency Matters</i>.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Transactions denominated in currencies other than in the functional currency are translated into the functional currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign currency transactions are included in the consolidated statements of comprehensive loss.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The financial statements of the Group&#8217;s entities of which the functional currency is not RMB are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Income and expense items are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive income/(loss) in the consolidated statements of comprehensive gain or loss, and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive loss in the consolidated statements of shareholders&#8217; (deficit)/equity. Total foreign currency translation adjustment (gains)/losses were RMB(55,493), RMB124,374 and RMB20,786 for the years ended December 31, 2016, 2017 and 2018, respectively. The grant-date fair value of the Group&#8217;s share-based compensation expenses is reported in US$ as the respective valuation is conducted in US$ as the shares are denominated in US$.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(e) Convenience translation</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2018 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.8755, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2018. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2018, or at any other rate.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(f) Fair value</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Fair value is defined 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 either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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&#8217;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:</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 21.25pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 21.25pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Level 1&#8212;Quoted prices (unadjusted) in active markets for identical assets or liabilities.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 21.25pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 21.25pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Level 2&#8212;Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Level 3&#8212;Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, short-term investments, trade receivable, amounts due from related parties, prepayments and other current assets, trade payable, amounts due to related parties, short-term borrowings, taxes payable, accruals and other liabilities, long-term receivables and long-term borrowings. As of December 31, 2017 and 2018, the carrying values of these financial instruments except for long-term receivables and long-term borrowings are approximated to their fair values due to the short-term maturity of these instruments.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Below is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports on its consolidated balance sheets at fair value on a recurring basis.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Time deposits</i>. The Group values its time deposits held in certain bank accounts using quoted prices for securities with similar characteristics and other observable inputs, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 2.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Short-term borrowings</i>. The rates of interest under the loan agreements with the lending banks were determined based on the prevailing interest rates in the market. The Group classifies the valuation techniques that use these inputs as Level 2.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Short-term receivables and payables</i>. Trade receivable and prepayments and other current assets are financial assets with carrying values that approximate fair value due to their short term nature. Trade payable, accruals and other liabilities are financial liabilities with carrying values that approximate fair value due to their short term nature.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Prepayments and other assets in non-current assets</i>. Prepayments and other assets in non-current assets are financial assets with carrying values that approximates fair value due to the change in fair value after considering the discount rate. The Group estimated fair values of non-current prepayments and other assets using the discount cash flow method.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(g) Cash, cash equivalents and restricted cash</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Cash and cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less. The Group adopted ASU No. 2016-18, Statement of Cash Flows: Restricted Cash (Topic 230) for interim periods beginning after January 1, 2018, using a retrospective method to each period presented. The changes in restricted cash in the consolidated cash flow were RMB15,335, RMB9,564 and RMB65,641 for the years ended December 31, 2016, 2017 and 2018, respectively, which were no longer presented within investing activities and were retrospectively included in the changes of cash, cash equivalents and restricted cash as required.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Restricted cash is restricted to withdrawal for use or pledged as security is reported separately on the face of the Consolidated Balance Sheets, and is not included in the total cash and cash equivalents in the Consolidated Statements of Cash Flows. The Group&#8217;s restricted cash mainly represents (a) the secured deposits held in designated bank accounts for issuance of bank credit card; (b) time deposit that are pledged for property lease.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on our consolidated balance sheet as follows:</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31,<br />2017</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31<br />2018</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 836px;">Cash and cash equivalents</td> <td style="width: 14px;">&#160;</td> <td style="text-align: left; width: 14px;">&#160;</td> <td style="text-align: right; width: 200px;">7,505,954</td> <td style="text-align: left; width: 13px;">&#160;</td> <td style="width: 13px;">&#160;</td> <td style="text-align: left; width: 13px;">&#160;</td> <td style="text-align: right; width: 199px;">3,133,847</td> <td style="text-align: left; width: 13px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Restricted cash</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,606</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">57,012</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">Long-term restricted cash</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">14,293</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">33,528</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">7,530,853</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,224,387</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(h) Short-term investment</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Short-term investments consist primarily of investments in fixed deposits with maturities between three months and one year and investments in money market funds. As of December 31, 2017 and 2018, the investment in fixed deposits that were recorded as short-term investments amounted to nil and RMB5,154,703, respectively, among which, nil and RMB1,775,000 were restricted as collateral for bank borrowings and letter of guarantee.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(i) Account Receivable and Allowance for Doubtful Accounts</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Accounts receivable primarily include amounts of vehicle sales in relation of government subsidy to be collected from government on behalf of customers, current portion of battery installment and receivables due from vehicle users. The Group provides an allowance against accounts receivable to the amount we reasonably believe will be collected. The Group writes off accounts receivable when they are deemed uncollectible. No allowance for doubtful accounts were recognized for the years ended December 31, 2016, 2017 and 2018.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(j) Inventory</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">No inventory write-downs were recognized for the years ended December 31, 2016 and 2017 and 2018.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(k) Trading securities</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Trading securities are comprised of bonds and are all designated as trading securities as they have been acquired principally for the purpose of selling in the near term. They are recognized on the trade date, when the Group enters into contractual arrangements with counterparties, and are normally derecognized when sold. They are initially measured at fair value, with transaction costs taken to the statements of operations and comprehensive loss. Subsequent changes in their fair values and interest are recognized in the statements of comprehensive loss.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(l) Property, plant and equipment, net</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line basis. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the related assets.</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The estimated useful lives are as follows:</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 0.1in;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;">Useful lives</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 650px;">Building and constructions</td> <td style="width: 13px;">&#160;</td> <td style="text-indent: -0.1in; padding-left: 0.1in; width: 642px;">20 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Production facilities</td> <td>&#160;</td> <td style="text-indent: -0.1in; padding-left: 0.1in;">10 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Charging &amp; battery swap infrastructure</td> <td>&#160;</td> <td style="text-indent: -0.1in; padding-left: 0.1in;">5 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">R&amp;D equipment</td> <td>&#160;</td> <td style="text-indent: -0.1in; padding-left: 0.1in;">5 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Computer and electronic equipment</td> <td>&#160;</td> <td style="text-indent: -0.1in; padding-left: 0.1in;">3 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Purchased software</td> <td>&#160;</td> <td style="text-indent: -0.1in; padding-left: 0.1in;">3 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Leasehold improvements</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Shorter of the estimated useful life or remaining lease term</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 12pt;">Others</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">3 to 5 years</td> </tr> </table> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Depreciation for mold and tooling is computed using the units-of-production method whereby capitalized costs are amortized over the total estimated productive life of the related assets.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The cost of maintenance and repairs is expensed as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Interest expense on outstanding debt is capitalized during the period of significant capital asset construction. Capitalized interest on construction-in-progress is included within property, plant and equipment and is amortized over the life of the related assets. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in the statements of comprehensive loss.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(m) Intangible assets, net</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Intangible assets are carried at cost less accumulated amortization and impairment, if any. Intangible assets are amortized using the straight-line method over the estimated useful lives as below:</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt; text-indent: 24.5pt; padding-left: 0.1in;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;">Useful lives</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 650px;">Domain names and others</td> <td style="width: 13px;">&#160;</td> <td style="width: 652px;">5 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 12pt;">License</td> <td>&#160;</td> <td>3 years</td> </tr> </table> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The estimated useful lives of amortized intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives have changed.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(n) Land use rights, net</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 536 months and represent the shorter of the estimated usage periods or the terms of the agreements.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(o) Long-term investments</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of December 31, 2018, the Group&#8217;s long-term investments was accounted for using equity method. Investments in entities in which the Group can exercise significant influence and holds an investment in voting common stock or in-substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323,&#160;<i>Investments&#8212;Equity Method and Joint Ventures</i>&#160;(&#8220;ASC 323&#8221;). Under the equity method, the Group initially records its investments at fair value. The Group subsequently adjusts the carrying amount of the investments to recognize the Group&#8217;s proportionate share of each equity investee&#8217;s net income or loss into earnings after the date of investment. The Group evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. The carrying value of the Group&#8217;s long-term investments measured under equity method was RMB47,125 and RMB148,303 as of December 31, 2017 and 2018, respectively. No impairment charge was recognized for the years ended December 31, 2016, 2017 and 2018.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(p) Impairment of long-lived assets</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 amount 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 by comparing 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 the years ended December 31, 2016, 2017 and 2018.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(q) Revenue recognition</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Revenue is recognized when or as the control of the goods or services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group&#8217;s performance:</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: -19.6pt; margin: 0pt 0px 0pt 45.05pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 25.45pt;"></td> <td style="width: 19.6pt;">&#8226;</td> <td style="text-align: justify;">provides all of the benefits received and consumed simultaneously by the customer&#894;</td> </tr> </table> <table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 25.45pt;"></td> <td style="width: 19.6pt;">&#8226;</td> <td style="text-align: justify;">creates and enhances an asset that the customer controls as the Group performs&#894; or</td> </tr> </table> <table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 25.45pt;"></td> <td style="width: 19.6pt;">&#8226;</td> <td style="text-align: justify;">does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.</td> </tr> </table> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates revenue to each performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices based on the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin or adjusted market assessment approach, depending on the availability of observable information. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgments on these assumptions and estimates may impact the revenue recognition.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">When either party to a contract has performed, the Group presents the contract in the statement of financial position as a contract asset or a contract liability, depending on the relationship between the entity&#8217;s performance and the customer&#8217;s payment.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">A contract asset is the Group&#8217;s right to consideration in exchange for goods and services that the Group has transferred to a customer. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents the contract liability when the payment is made, or a receivable is recorded (whichever is earlier). A contract liability is the Group&#8217;s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. The Group&#8217;s contract liabilities primarily resulted from the multiple performance obligations identified in the vehicle sales contract and the sales of Energy and Service Packages, which is recorded as deferred revenue and advance from customers.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Vehicle sales</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group generates revenue from sales of electric vehicles, currently the ES8, together with a number of embedded products and services through a series of contracts. The Group identifies the users who purchase the ES8 as its customers. There are multiple distinct performance obligations explicitly stated in a series of contracts including sales of ES8, charging piles, vehicle internet connection services and extended lifetime warranty which are accounted for in accordance with ASC 606. The standard warranty provided by the Group is accounted for in accordance with ASC 460, Guarantees, and the estimated costs are recorded as a liability when NIO transfers the control of ES8 to a user.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Customers only pay the amount after deducting the government subsidies to which they are entitled for the purchase of electric vehicles, which is applied on their behalf and collected by the Group or Jianghuai Automobile Group Co., Ltd. (&#8220;JAC&#8221;) from the government. The Group has concluded that government subsidies should be considered as a part of the transaction price it charges the customers for the electric vehicle, as the subsidy is granted to the buyer of the electric vehicle and the buyer remains liable for such amount in the event the subsidies were not received by the Group. For efficiency reason, the Group or JAC applies and collects the payment on a customer&#8217; behalf. In the instance that some eligible customer selects installment payment for battery, the Group believes such arrangement contains a significant financing component and as a result adjusts the amount considering the impact of time value on the transaction price using an appropriate discount rate (i.e. the interest rates of the loan reflecting the credit risk of the borrower). The long term receivable of installment payment for battery was recognized as non-current assets. The difference between the gross receivable and the present value is recorded as unrealized finance income. Interest income resulting from a significant financing component will be presented separately from revenue from contracts with customers as this is not the Group&#8217;s ordinary business.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group uses a cost plus margin approach to determine the estimated standalone selling price for each individual distinct performance obligation identified, considering the Group&#8217;s pricing policies and practices, and the data utilized in making pricing decisions. The overall contract price is then allocated to each distinct performance obligation based on the relative estimated standalone selling price in accordance with ASC 606. The revenue for sales of the ES8 and charging piles are recognized at a point in time when the control of the product is transferred to the customer. For the vehicle internet connection service, the Group recognizes the revenue using a straight-line method. As for the extended lifetime warranty, given limited operating history and lack of historical data, the Group decides to recognize the revenue over time based on a straight-line method initially, and will continue monitoring the cost pattern periodically and adjust the revenue recognition pattern to reflect the actual cost pattern as it becomes available.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As the consideration for the vehicle and all embedded services must be paid in advance, which means the payments received are prior to the transfer of goods or services by the Group, the Group records a contract liability (deferred revenue) for the allocated amount regarding those unperformed obligations.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Sales of Energy and Service Packages</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group also sells the two packages, Energy Package and Service Package in exchange of considerations. The Energy Package provides ES8 users with a comprehensive range of charging solutions (including charging and battery swapping). The energy service is applied by users on the mobile application depending on their needs and the Group can decide the most appropriate service to offer according to its available resource. Through the Service Package, the Group offers ES8 users with a &#8220;worry free&#8221; vehicle ownership experience (including free repair service with certain limitations, routine maintenance service, enhanced data package, etc.), which can be applied by user via mobile application.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group identifies the users who purchase Energy Package and Service Package meet the definition of a customer. The agreements for Energy Package and Service Package create legal enforceability to both parties on a monthly basis as the respective Energy or Service Packages can be canceled at any time without any penalty. The Group concludes the energy or service provided in Energy Package or Service Package respectively meets the stand-ready criteria and contains only one performance obligation within each package, the revenue is recognized overtime on a monthly basis as customer simultaneously receives and consumes the benefits provided and the term of legally enforced contract is only one month.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Incentives</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group offers a self-managed customer loyalty program points, which can be used in the Group&#8217;s online store and at NIO houses to redeem NIO merchandise. The Group determines the value of each points based on cost of the NIO merchandise that can be redeemed with points. Customers and NIO fans and advocates have a variety of ways to obtain the points. The major accounting policy for its points program is described as follows:</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(i) Sales of ES8 vehicle</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group concludes the points offered linked to the purchase transaction of the ES8 vehicle is a material right and accordingly a separate performance obligation according to ASC 606, and should be taken into consideration when allocating the transaction price of the ES8 sales. The Group also estimates the probability of points redemption when performing the allocation. Since historical information does not yet exist for the Group to determine any potential points forfeitures and the fact that most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Group believes it is reasonable to assume all points will be redeemed and no forfeiture is estimated currently. The amount allocated to the points as separate performance obligation is recorded as contract liability (deferred revenue) and revenue should be recognized when future goods or services are transferred. The Group will continue to monitor when and if forfeiture rate data becomes available and will apply and update the estimated forfeiture rate at each reporting period.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(ii) Sales of Energy Package</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Energy Package&#8212;When the customers charge their ES8 without using the Group&#8217;s charging network, the Group will grant points based on the actual cost the customers incur. The Group records the value of the points as a reduction of revenue from the Energy Package.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Since historical information does not yet exist for the Group to determine any potential points forfeiture and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Group has used an estimated forfeiture rate of zero.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(iii) Other scenarios</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Customers or users of the mobile application can also obtain points through any other ways such as frequent sign-ins to the Group&#8217;s mobile application, sharing articles from the application to users&#8217; own social media. The Group believes these points are to encourage user engagement and generate market awareness. As a result, the Group accounts for such points as selling and marketing expenses with a corresponding liability recorded under other current liabilities of its consolidated balance sheets upon the points offering. The Group estimates liabilities under the customer loyalty program based on cost of the NIO merchandise that can be redeemed, and its estimate of probability of redemption. At the time of redemption, the Group records a reduction of inventory and other current liabilities. In certain cases where merchandise is sold for cash in addition to points, the Group records other revenue.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Similar to the reasons above, the Group estimates no points forfeiture currently and continues to assess when and if a forfeiture rate should be applied.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">For the years ended December 31, 2016, 2017 and 2018, the revenue portion allocated to the points as separate performance obligation was nil, nil and RMB47,310, respectively, which is recorded as contract liability (deferred revenue). For the years ended December 31, 2016, 2017 and 2018, the total points recorded as a reduction of revenue was nil, nil and RMB441, respectively. For the years ended December 31, 2016, 2017 and 2018, the total points recorded as selling and marketing expenses were nil, RMB16,460 and RMB153,057, respectively.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of December 31, 2017 and 2018, liabilities recorded related to unredeemed points were RMB16,460 and RMB143,868, respectively.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Practical expedients and exemptions</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales contracts and concludes that lifetime roadside assistance and out-of-town charging services are not performance obligations considering these two services are value-added services to enhance user experience rather than critical items for ES8 driving and forecasted that usage of these two services will be very limited. The Group also performs an estimation on the stand-alone fair value of each promise applying a cost plus margin approach and concludes that the standalone fair value of roadside assistance and out-of-town charging services are insignificant individually and in aggregate, representing less than 1% of ES8 gross selling price and aggregate fair value of each individual promises.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Considering the qualitative assessment and the result of the quantitative estimate, the Group concluded not to assess whether promises are performance obligation if they are immaterial in the context of the contract and the relative stand-alone fair value individually and in aggregate is less than 3% of the contract price, namely the road-side assistance and out-of-town charging services. Related costs are then accrued instead.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(r) Cost of Sales</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Vehicle</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Cost of vehicle revenue includes direct parts, material, processing fee, loss compensation to JAC, labor costs, manufacturing overhead (including depreciation of assets associated with the production), and reserves for estimated warranty expenses. Cost of vehicle revenue also includes adjustments to warranty expense and charges to write-down the carrying value of the inventory when it exceeds its estimated net realizable value and to provide for on-hand inventory that is either obsolete or in excess of forecasted demand.</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Service and Other</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Cost of service and other revenue includes direct parts, material, labor costs, vehicle internet connectivity costs, and depreciation of assets that are associated with sales of energy and service packages.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(s) Sales and marketing expenses</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Sales and marketing expenses consist primarily of marketing and promotional expenses, salaries and other compensation-related expenses to sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Group expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the years ended December 31, 2016, 2017 and 2018, advertising costs totalled RMB4,095, RMB63,427 and RMB218,060, respectively.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(t) Research and development expenses</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Certain costs associated with developing internal-use software are capitalized when such costs are incurred within the application development stage of software development. Other than that, all costs associated with research and development (&#8220;R&amp;D&#8221;) are expensed as incurred. R&amp;D expenses are primary comprised of charges for R&amp;D and consulting work performed by third parties; salaries, bonuses, share-based compensation, and benefits for those employees engaged in research, design and development activities; costs related to design tools; license expenses related to intellectual property, supplies and services; and allocated costs, including depreciation and amortization, rental fees, and utilities.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(u) General and administrative expenses</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">General and administrative expenses consist primarily of salaries, bonuses, share-based compensation and benefits for employees involved in general corporate functions and those not specifically dedicated to research and development activities, depreciation and amortization of fixed assets which are not used in research and development activities, legal and other professional services fees, rental and other general corporate related expenses.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(v) Employee benefits</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 and VIE of the Group make contributions to the government for these benefits based on certain percentages of the employees&#8217; salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB105,955, RMB231,070 and RMB517,787 for the years ended December 31, 2016, 2017 and 2018, respectively.</p> <p style="text-align: center; widows: 2; text-transform: none; text-indent: 24.4pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(w) Government grants</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group&#8217;s PRC based subsidiaries received government subsidies from certain local governments. The Group&#8217;s government subsidies consisted of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has provided for a specific purpose, such as product development and renewal of production facilities. Other subsidies are the subsidies that the local government has not specified its purpose for and are not tied to future trends or performance of the Group; receipt of such subsidy income is not contingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances. The Group recorded specific purpose subsidies as advances payable when received. For specific subsidies, upon government acceptance of the related project development or asset acquisition, the specific purpose subsidies are recognized to reduce related R&amp;D expenses or the cost of asset acquisition. Other subsidies are recognized as other income upon receipt as further performance by the Group is not required.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(x) Income taxes</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under the asset and liability method in accordance with ASC 740,&#160;<i>Income Tax</i>. Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis, and operating loss carry-forwards. Deferred 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 taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group records liabilities related to uncertain tax positions when, despite the Group&#8217;s belief that the Group&#8217;s tax return positions are supportable, the Group believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities. Accrued interest and penalties related to unrecognized tax benefits are classified as income tax expense. The Group did not recognize uncertain tax positions as of December&#160;31, 2017 and 2018.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(y) Share-based compensation</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company grants restricted shares and share options to eligible employees and non-employee consultants and accounts for share-based compensation in accordance with ASC 718, Compensation&#8212;<i>Stock Compensation&#160;</i>and ASC 505-50&#160;<i>Equity-Based Payments to Non-Employees</i>.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Employees&#8217; share-based compensation awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at the grant date if no vesting conditions are required; or b) for share options or restricted shares granted with only service conditions, using the straight-line vesting method, net of estimated forfeitures, over the vesting period; or c) for share options granted with service conditions and the occurrence of an IPO as performance condition, cumulative share-based compensation expenses for the options that have satisfied the service condition should be recorded upon the completion of the IPO, using the graded vesting method. This performance condition was met upon completion of the Company&#8217;s IPO on September 12, 2018 and the associated share-based compensation expense for awards vested as of that date were recognized; or d) for share options where the underlying share is liability within the scope of ASC 480, using the graded vesting method, net of estimated forfeitures, over the vesting period, and re-measuring the fair value of the award at each reporting period end until the award is settled.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Share-based compensation expenses for share options and restricted shares granted to non-employees are measured at fair value at the earlier of the performance commitment date or the date service is completed, and recognized over the period during which the service is provided. The Group applies the guidance in ASC 505-50 to measure share options and restricted shares granted to non-employees based on the then-current fair value at each reporting date.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The fair value of the restricted shares were assessed using the income approaches / market approaches, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment required complex and subjective judgments regarding the Company&#8217;s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. In addition, the binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee and non-employee share option exercise behavior, risk-free interest rates and expected dividends. The fair value of these awards was determined taking into account independent valuation advice.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The assumptions used in share-based compensation expense recognition represent management&#8217;s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company for accounting purposes.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate pre-vesting options and records share-based compensation expenses only for those awards that are expected to vest.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(z) Comprehensive income/(loss)</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group applies ASC 220,&#160;<i>Comprehensive Income</i>, with respect to reporting and presentation of comprehensive loss and its components in a full set of financial statements. Comprehensive loss is defined to include all changes in equity of the Group during a period arising from transactions and other event and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the years presented, the Group&#8217;s comprehensive loss includes net loss and other comprehensive loss, which mainly consists of the foreign currency translation adjustment that have been excluded from the determination of net loss.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(aa) Leases</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Leases are classified at the inception date as either a capital lease or an operating lease. As the lessee, a lease is a capital lease if any of the following conditions exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property&#8217;s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. Payments made under operating lease to the lessors are charged to the consolidated statement of comprehensive loss on a straight-line basis over the lease period. Operating lease expenses recorded in the accompanying consolidated statements of comprehensive loss amounted to RMB102,020, RMB228,478 and RMB490,936 for the years ended December 31, 2016, 2017 and 2018, respectively.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(ab) Dividends</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2016, 2017 and 2018, respectively.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(ac) Earnings/(Loss) per share</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Basic earnings/(loss) per share is computed by dividing net income/(loss) attributable to holders of ordinary shares, considering the accretions to redemption value of the preferred shares, by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, as adjusted for the accretion and allocation of net income related to the preferred shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares using the if-converted method, unvested restricted shares, restricted share units and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(ad) Segment reporting</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">ASC 280,&#160;<i>Segment Reporting</i>, establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Based on the criteria established by ASC 280, the Group&#8217;s chief operating decision maker (&#8220;CODM&#8221;) has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. As a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group&#8217;s long-lived assets are substantially located in the PRC, no geographical segments are presented.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="text-transform: uppercase;"><b>3.</b></font><b>&#160;Recent Accounting Pronouncements</b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In May 2014, the FASB issued ASU No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606).&#8221; This guidance supersedes current guidance on revenue recognition in Topic 605, &#8220;Revenue Recognition.&#8221; In addition, there are disclosure requirements related to the nature, amount, timing, and uncertainty of revenue recognition. In August 2015, the FASB issued ASU No. 2015-14 to defer the effective date of ASU No. 2014-09 for all entities by one year. For publicly-traded business entities that follow U.S. GAAP, the deferral results in the new revenue standards&#8217; being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. The Group adopted this ASU after starting to generate revenue in June 2018.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments&#8212;Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (&#8220;ASU 2016-01&#8221;). The main objective of this update is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. ASU 2016-01 changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The guidance also changes certain disclosure requirements and other aspects of current U.S. GAAP. Further, in June 2018, the FASB issued &#8220;Technical Corrections and Improvements to Financial Instruments&#8212;Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,&#8221; which provides further guidance on adjustments for observable transaction for equity securities without a readily determinable fair value and clarification on fair value option for liabilities instruments. ASU 2016-01 was effective for annual reporting periods and interim periods within those years beginning after December 15, 2017. The adoption of ASU 2016-01 had no impact on the Group&#8217;s consolidated financial statements.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The ASU is effective for reporting periods beginning after December 15, 2018 and interim periods within those fiscal years. The ASU will require lessees to report most leases as assets and liabilities on the balance sheet, while lessor accounting will remain substantially unchanged. 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 Group decides to make this election. The new leases standard also provides lessees with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component. If a lessee makes that accounting policy election, it is required to account for the non-lease components together with the associated lease component as a single lease component and to provide certain disclosures. The Group elects not to adopt this practical expedient. The ASU&#160;<font style="font: 10pt 'times new roman', times, serif;">initially required a modified retrospective transition approach for existing leases, whereby the new leases standard will be applied to the earliest year presented. In July 2018, the FASB issued ASU 2018-11, which provides another transition method, the additional transition method, in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Group will adopt this new guidance by using the additional transition method for the year ended December 31, 2019 and interim periods in the year ended December 31, 2019. Most of leases will continue to be operating leases. Upon the adoption, the Group expects its consolidated balance sheet to include a right of use asset and liability related to substantially all of our lease arrangements. The Group estimated approximately RMB1.8 to 2.0 billion would be recognized as total right-of-use assets and total lease liabilities on the Group&#8217;s consolidated balance sheet as of January 1, 2019. Other than disclosed, the Group does not expect the new standard to have a material impact on the Group&#8217;s remaining consolidated financial statements.</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In March 2016, the FASB issued ASU No. 2016-09, Compensation&#8212;Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (&#8220;ASU 2016-09&#8221;). ASU 2016-09 simplifies the accounting for share-based payment transactions specifically related to the tax effects associates with share-based compensation, an accounting policy election to determine how forfeitures are recorded and a change in the presentation requirements in the statement of cash flows. Non-public companies are also granted two additional optional provisions that would provide a practical expedient for determining the expected term and a one-time opportunity to change the measurement basis for all liability-classified awards to intrinsic value. There was no significant impact upon adoption in 2018.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In June 2016, the FASB issued ASU No. 2016-13 (ASU 2016-13), &#8220;Financial Instruments &#8211; Credit Losses&#8221;, which introduces new guidance for credit losses on instruments within its scope. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, including, but not limited to, trade and other receivables, held-to-maturity debt securities, loans and net investments in leases. The new guidance also modifies the impairment model for available-for-sale debt securities and requires the entities to determine whether all or a portion of the unrealized loss on an available-for-sale debt security is a credit loss. The standard also indicates that entities may not use the length of time a security has been in an unrealized loss position as a factor in concluding whether a credit loss exists. The ASU 2016-13 is effective for public companies for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for all entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Group is in the process of evaluating the impact of adopting this guidance.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments, to reduce the diversity in practice with respect to the classification of certain cash receipts and cash payments on the statement of cash flows. The ASU is effective for interim and annual periods beginning after December 15, 2017. Adoption of the ASU is retrospective. The Group adopted the ASU on January 1, 2018, which did not have a material impact on the consolidated financial statements.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash (Topic 230). The ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard should be applied to each period presented using a retrospective transition method. The adoption of this standard did not have a material impact on the Group&#8217;s consolidated financial statements, but resulted in restricted cash being included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="text-transform: uppercase;"><b>4.</b></font><b>&#160;Concentration and Risks</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(a) Concentration of credit risk</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash and short-term investment. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of December 31, 2017 and 2018, all of the Group&#8217;s cash and cash equivalents, restricted cash and short-term investments were held by major financial institutions located in the PRC and Hong Kong which management believes are of high credit quality. The PRC does not have an official deposit insurance program, nor does it have an agency similar to the Federal Deposit Insurance Corporation (FDIC) in the United States. However, the Group believes that the risk of failure of any of these PRC banks is remote. Bank failure is uncommon in China and the Group believes that those Chinese banks that hold the Group&#8217;s cash and cash equivalents and restricted cash are financially sound based on publicly available information.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(b) Currency convertibility risk</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The PRC government imposes controls on the convertibility of RMB into foreign currencies. The Group&#8217;s cash and cash equivalents and restricted cash denominated in RMB that are subject to such government controls amounted to RMB914,460 and RMB2,051,482 as of December 31, 2017 and 2018, respectively. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People&#8217;s Bank of China (the &#8220;PBOC&#8221;). Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(c) Foreign currency exchange rate risk</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Since July&#160;21, 2005, the RMB has been permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. While the international reaction to the RMB appreciation has generally been positive, there remains significant international pressure on the PRC government to adopt an even more flexible currency policy, which could result in a further and more significant appreciation of the RMB against other currencies.</p> <div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>5. Inventory</b></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Inventory consists of the following:</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p><table style="font: 10pt/normal 'times new roman', times, serif; width: 97%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December 31,<br />2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1101px; text-align: left; text-indent: -12pt; padding-left: 12pt;">Raw materials</td><td style="width: 16px;">&#160;</td><td style="width: 16px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">44,061</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 15px;">&#160;</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">696,005</td><td style="width: 15px; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Work in process</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">22,262</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">6,727</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Finished Goods</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">723,591</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -12pt; padding-bottom: 1pt; padding-left: 12pt;">Merchandise</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">23,141</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">38,916</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Total</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">89,464</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,465,239</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Raw materials as of December 31, 2017 are mainly used for research and development purpose and will be expensed when incurred. In the second quarter of 2018, the Group started selling vehicles and procured raw materials for volume production purpose. As of December 31, 2018, raw materials primarily consist of materials for volume production as well as spare parts used for aftersales services.</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Work in progress are mainly used for research and development of new models and will be expensed when incurred. Electric drive systems in production are also recorded as work in progress.</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Finished goods include vehicles ready for transit at production factory, vehicles in transit to fulfill customer orders, new vehicles available for immediate sale at our sales and service center locations, and charging piles.</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p><div style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Merchandise inventory includes branded merchandise of NIO which can be redeemed by deducting membership rewards points of customer loyalty program in the Group&#8217;s application store.</div></div> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>6. Prepayments and Other Current Assets</b></p><p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p><p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Prepayments and other current assets consist of the following:</p><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p><table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 85%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31,<br />2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 912px;">Deductible VAT input</td><td style="width: 13px;">&#160;</td><td style="text-align: left; width: 13px;">&#160;</td><td style="text-align: right; width: 126px;">456,774</td><td style="text-align: left; width: 12px;">&#160;</td><td style="width: 12px;">&#160;</td><td style="text-align: left; width: 12px;">&#160;</td><td style="text-align: right; width: 125px;">1,018,766</td><td style="text-align: left; width: 12px;">&#160;</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Prepayment to vendors</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">185,401</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">333,367</td><td style="text-align: left;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="text-indent: -12pt; padding-left: 12pt;">Deposits</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">12,582</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">23,321</td><td style="text-align: left;">&#160;</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">Other receivables</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">19,668</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">138,803</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">674,425</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">1,514,257</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table><p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p><p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Prepayment to vendors mainly consist of prepayment for raw materials, prepaid rental for offices and NIO Houses, and prepaid expenses for R&amp;D services provided by suppliers.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>7. Property, Plant and Equipment, Net</b></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Property and equipment and related accumulated depreciation were as follows:</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-size-adjust: none; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31,<br />2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 912px;">Construction in process</td> <td style="width: 13px;">&#160;</td> <td style="text-align: left; width: 13px;">&#160;</td> <td style="text-align: right; width: 126px;">1,016,643</td> <td style="text-align: left; width: 12px;">&#160;</td> <td style="width: 12px;">&#160;</td> <td style="text-align: left; width: 12px;">&#160;</td> <td style="text-align: right; width: 125px;">1,289,611</td> <td style="text-align: left; width: 12px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Mold and tooling</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,619</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,032,685</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Leasehold improvements</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">413,368</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">653,298</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Building and construction</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">481,121</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Charging &amp; battery swap infrastructure</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">470,506</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Production facilities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">134,080</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">456,569</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Computer and electronic equipment</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">178,534</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">393,931</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">R&amp;D equipment</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">173,741</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">320,362</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Purchased software</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">135,775</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">286,034</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">Others</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">77,681</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">146,869</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 12pt;">Subtotal</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,132,441</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,530,986</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">Less: Accumulated depreciation</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(221,428</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(677,829</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total property, plant and equipment, net</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,911,013</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">4,853,157</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group recorded depreciation expenses of RMB45,013, RMB165,960 and RMB469,408 for the years ended December 31, 2016, 2017 and 2018, respectively.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>8. Intangible Assets, Net</b></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Intangible assets and related accumulated amortization were as follows:</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 60%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">December 31, 2017</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">December 31, 2018</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gross&#160;carrying<br />value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Accumulated<br />amortization</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Net&#160;carrying<br />value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gross&#160;carrying<br />value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Accumulated<br />amortization</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Net&#160;carrying<br />value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 100px;">Domain names and others</td> <td style="width: 5px;">&#160;</td> <td style="text-align: left; width: 7px;">&#160;</td> <td style="text-align: right; width: 77px;">4,230</td> <td style="text-align: left; width: 5px;">&#160;</td> <td style="width: 5px;">&#160;</td> <td style="text-align: left; width: 6px;">&#160;</td> <td style="text-align: right; width: 68px;">(1,017</td> <td style="text-align: left; width: 6px;">)</td> <td style="width: 5px;">&#160;</td> <td style="text-align: left; width: 6px;">&#160;</td> <td style="text-align: right; width: 65px;">3,213</td> <td style="text-align: left; width: 5px;">&#160;</td> <td style="width: 5px;">&#160;</td> <td style="text-align: left; width: 7px;">&#160;</td> <td style="text-align: right; width: 77px;">5,269</td> <td style="text-align: left; width: 5px;">&#160;</td> <td style="width: 5px;">&#160;</td> <td style="text-align: left; width: 6px;">&#160;</td> <td style="text-align: right; width: 68px;">(1,974</td> <td style="text-align: left; width: 6px;">)</td> <td style="width: 5px;">&#160;</td> <td style="text-align: left; width: 6px;">&#160;</td> <td style="text-align: right; width: 65px;">3,295</td> <td style="text-align: left; width: 5px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">License</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,199</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,955</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,244</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,161</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,986</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">175</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total intangible assets, net</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">7,429</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(2,972</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">4,457</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,430</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(4,960</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,470</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group recorded amortization expenses of RMB1,074, RMB1,898 and RMB1,988 for the years ended December&#160;31, 2016, 2017 and 2018, respectively.</p> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>9. Land Use Rights, Net</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Land use rights and related accumulated amortization were as follows:&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 97%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December&#160;31,<br />2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1101px; text-align: left; text-indent: -12pt; padding-left: 12pt;">Land use rights</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 150px; text-align: right;">&#8212;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 150px; text-align: right;">216,489</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-bottom: 1pt; padding-left: 12pt;">Less: Accumulated amortization&#8212;land use rights</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(2,827</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Total land use rights, net</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">213,662</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <div style="text-indent: 24.5pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In June 2018, XPT NJEP entered into an agreement to purchase land use rights for usage of land to build a factory for manufacturing of e-powertrain for the Group.<br class="apple-interchange-newline" />&#160;</div> </div> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group recorded amortization expenses for land use rights of nil, nil and RMB2,827 for the years ended December 31, 2016, 2017 and 2018, respectively.</div> </div> </div> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>10. Other Non-current Assets</b></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Other non-current assets consist of the following:</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 80%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31,<br />2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 912px;">Long-term deposits</td> <td style="width: 13px;">&#160;</td> <td style="text-align: left; width: 13px;">&#160;</td> <td style="text-align: right; width: 126px;">80,168</td> <td style="text-align: left; width: 12px;">&#160;</td> <td style="width: 12px;">&#160;</td> <td style="text-align: left; width: 12px;">&#160;</td> <td style="text-align: right; width: 125px;">616,199</td> <td style="text-align: left; width: 12px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Receivables of installment payments for battery</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">574,677</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Prepayments for purchase of property and equipment</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">50,882</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">159,341</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">Others</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">91</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">62,613</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">131,141</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,412,830</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal times new roman, times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">Long-term deposit mainly consists of deposits to vendors for guarantee of production capacity as well as rental deposit for offices and NIO Houses which will not be collectible within one year.</p> <div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>11. Accruals and Other Liabilities</b></p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Accruals and other liabilities consist of the following:</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p><table style="font: 10pt/normal 'times new roman', times, serif; width: 97%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December 31,<br />2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1101px; text-align: left; text-indent: -12pt; padding-left: 12pt;">Payables for purchase of property and equipment</td><td style="width: 16px;">&#160;</td><td style="width: 16px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">410,726</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 15px;">&#160;</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">1,027,377</td><td style="width: 15px; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Payable for R&amp;D expenses</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">247,923</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">437,731</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Payables for marketing events</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">37,933</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">423,953</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Salaries and benefits payable</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">170,274</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">402,163</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Accrued expenses</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">199,087</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">308,486</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Advance from customers</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">68,439</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">233,767</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Current portion of deferred revenue</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">108,250</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Current portion of deferred construction allowance</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">87,330</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Investment deposit from investors</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">47,124</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -12pt; padding-left: 12pt;">Warranty</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">46,574</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Payables for traveling expenses</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">10,678</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">43,147</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Interest payables</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">24,320</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">2,584</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Non-recourse loan</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">55,028</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-bottom: 1pt; padding-left: 12pt;">Other payables</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">61,184</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">215,195</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Total</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,285,592</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,383,681</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table></div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>12. Borrowings</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Borrowings consist of the following:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 84%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December 31,<br />2018</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 836px; text-align: left; text-indent: -12pt; padding-left: 12pt;">Short-term borrowing</td> <td style="width: 14px;">&#160;</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 200px; text-align: right;">28,787</td> <td style="width: 13px; text-align: left;">&#160;</td> <td style="width: 13px;">&#160;</td> <td style="width: 13px; text-align: left;">&#160;</td> <td style="width: 199px; text-align: right;">1,870,000</td> <td style="width: 13px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Current portion of long-term borrowings</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">198,852</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Long-term borrowings:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: 7.05pt; padding-left: 12pt;">Bank loan</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">454,901</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">766,592</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: 7.05pt; padding-bottom: 1pt; padding-left: 12pt;">Loan from joint investor</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">187,500</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">401,420</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">671,188</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,236,864</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of December 31, 2017, we obtained two short-term borrowings of RMB28,787 in aggregate. The annual interest rate of these borrowings is approximately 4.57% to 4.87%.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of December 31, 2018, we obtained short-term borrowings from ten banks of RMB1,870,000 in aggregate collateralized by bank deposit of RMB1,375,000 classified as short-term investment provided by one of our wholly-owned subsidiaries. The annual interest rate of these borrowings is approximately 4.35% to 5.22%.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On May 17, 2017, the Group entered into a secured loan agreement with the Bank of Nanjing of a facility amount of RMB685,000 with a maturity date of May 17, 2022. As of December 31, 2017 and 2018, the aggregated draw amounted to RMB454,901 and RMB674,279, respectively. The annual interest rate of these borrowings is approximately 4.75% to 5.80%. The loan was guaranteed by Nanjing Xingzhi as an incentive for XPT NJES to continue doing business in the respective region. There is no restrictive financial covenants attached to the loan.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On September 28, 2017, the Group entered into a loan agreement with China Merchants Bank of a facility amount of RMB200,000 with a maturity date of September 27, 2019. &#160;&#160;As of December 31, 2018, the aggregated draw amounted to RMB99,500 subject to a floating interest of 10% to 18% above the benchmark interest rate of three-year RMB loan announced by PBOC.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On February 2, 2018, the Group entered into a loan agreement with China CITIC Bank of a principal of RMB50,000 with a maturity date of February 1, 2021. As of December 31, 2018, the aggregated draw amounted to RMB49,750 subject to a floating interest rate of 10% above the average quoted interest rate of one-year RMB loan announced by the National Interbank Funding Center.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On May 14, 2018, the Group entered into a loan agreement with Bank of Shanghai of a facility amount of RMB1,500,000 with a maturity date of December 15, 2025. As of December 31, 2018, the aggregated draw amounted to RMB27,000 subject to a floating interest rate of 20% above the benchmark interest rate of five-year RMB loan announced by PBOC. On August 17, 2018, the Group entered into a loan agreement with China CITIC Bank of a principal of RMB50,000 with a maturity date of March 7, 2021. As of December 31, 2018, the aggregated draw amounted to RMB50,000 subject to a floating interest rate of 26% above the average quoted interest rate of one-year RMB loan announced by the National Interbank Funding Center.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On November 30, 2018, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB5,200 with a maturity date of November 30, 2021. As of December 31, 2018, the aggregated draw amounted to RMB5,115 subject to a floating interest rate of 30% above the average quoted interest rate of three-year RMB loan announced by PBOC.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On December 20, 2018, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB19,800 with a maturity date of November 30, 2021. The loan is subject to a floating interest rate of 30% above the average quoted interest rate of three-year RMB loan announced by PBOC.&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On December 24, 2018, the Group entered into a loan agreement with Bank of Shanghai of a principal of RMB40,000 with a maturity date of November 30, 2021. The loan is subject to a floating interest rate of 30% above the average quoted interest rate of three-year RMB loan announced by PBOC.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On September 7, 2016, the Group entered into a joint investment agreement with Nanjing Xingzhi Technology Industry Development Co., Ltd (&#8220;Nanjing Xingzhi&#8221;, formerly known as Nanjing Zijin (New Harbor) Technology Entrepreneurial Special Community Construction Development Co., Ltd). Nanjing Xingzhi invested in XPT NJES, a subsidiary of the Group, with a contribution of RMB37,500. According to the agreement, the annual rate of return on investment of Nanjing Xingzhi equals the benchmark interest rate of one-year RMB loan announced by PBOC. Given Nanjing Xingzhi does not bear the risk of the losses and only entitles to fixed interest income, the Group regarded it a loan in substance and recorded it in liability with the interest expenses amortized through the period. On May 16, 2018, the Group entered into an agreement with Nanjing Xingzhi to purchase Nanjing Xingzhi&#8217;s shareholding in XPT NJES at a price of RMB41,773, which approximately the entire principal plus interest accrued so far.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On May 18, 2017, the Group entered into a joint investment agreement with Wuhan Donghu New Technology Development Zone Management Committee (&#8220;Wuhan Donghu&#8221;) to set up a joint venture entity (the &#8220;PE WHJV&#8221;). Wuhan Donghu subscribed for RMB384,000 paid in capital in PE WHJV with 49% of the shares. On June 30, 2017, September 29, 2017 and April 16, 2018, Wuhan Donghu injected RMB50,000, RMB100,000 and RMB234,000 in cash to PE WHJV, respectively. Pursuant to the investment agreement, Wuhan Donghu does not have substantive participating rights to PE WHJV, nor is allowed to transfer its equity interest in PE WHJV to other third party. In addition, within five years or when the net assets of PE WHJV is less than RMB550,000, the Group is obligated to purchase from Wuhan Donghu all of its interest in PE WHJV at its investment amount paid plus interest at the current market rate announced by PBOC. As such, the Group consolidates PE WHJV. The investment by Wuhan Donghu is accounted for as a loan because it is only entitled to fixed interest income and subject to repayment within five years or upon the financial covenant violation. As of December 31, 2017 and 2018, nil and RMB17,420 of interest were accrued at the benchmark rate of medium and long-term loan announced by PBOC.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>13. Other Non-Current Liabilities</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Other non-current liabilities consist of the following:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 93%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.34in; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">December&#160;31,<br />2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">December 31,<br />2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 933px; text-align: left;">Deferred government grants</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 219px; text-align: right;">30,416</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 218px; text-align: right;">351,896</td> <td style="width: 14px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Deferred revenue</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">193,524</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Warranty</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">130,719</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Rental payable</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">48,926</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">129,995</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt;">Deferred construction allowance</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">61,771</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">124,678</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">141,113</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">930,812</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Deferred government grants mainly consist of specific government subsidies for purchase of land use right and buildings, product development and renewal of production facilities.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Rental payable represents the difference between the straight-line rental expenses and the actual rental fee paid for long term rental agreements.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Deferred construction allowance consists of long-term payable of construction projects, with payment terms over one year.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>14. Revenues</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Revenues by source consists of the following:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10"><b>For the Year Ended December 31,</b></td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 705px; text-align: left; text-indent: -12pt; padding-left: 12pt;">Vehicle sales</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 236px; text-align: right;">&#8212;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 235px; text-align: right;">&#8212;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 235px; text-align: right;">4,852,470</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Sales of charging pile</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">82,184</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -12pt; padding-left: 12pt;">Sales of Packages</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,220</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -12pt; padding-bottom: 1pt; padding-left: 12pt;">Others</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">6,297</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">4,951,171</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>15. Deferred Revenue</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The following table shows a reconciliation in the current reporting period related to carried-forward deferred revenue.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10"><b>For the Year Ended December 31</b></td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Deferred revenue &#8211; beginning of year</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 705px; text-indent: -12pt; padding-left: 12pt;">Additions</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 236px; text-align: right;">&#8212;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 235px; text-align: right;">&#8212;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 235px; text-align: right;">384,116</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -12pt; padding-bottom: 1pt; padding-left: 12pt;">Recognition</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(82,342</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Deferred revenue &#8211; end of year</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">301,774</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Deferred revenue mainly includes the transaction price allocated to the performance obligations that are unsatisfied, or partially satisfied, which mainly arises from the undelivered charging pile, the vehicle internet connection service, the extended lifetime warranty service as well as the points offered to customers embedded in the ES8 sales contract, with unrecognized deferred revenue balance of nil and RMB181,539 as of December 31, 2017 and 2018.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Deferred revenue also includes the reimbursement from a depository bank in connection with the advancement of the Company&#8217;s ADR and investor relations programs in the next five years. The Company initially recorded the payment from the depository bank as deferred revenue and then recognized as other gain over the beneficial period, with unrecognized deferred revenue balance of nil and RMB99,684 as of December 31, 2017 and 2018.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group expects that 36% of the transaction price allocated to unsatisfied performance obligation as at December 31, 2018 will be recognized as revenue during the period from January 1, 2019 to December 31, 2019. The remaining 64% will be recognized during the period from January 1, 2020 to December 31, 2023.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>16. Manufacturing in collaboration with JAC</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group entered into an arrangement with JAC for the manufacture of the ES8 for five years in May 2016. Pursuant to the arrangement, JAC will build up a new manufacturing plant (&#8220;Hefei Manufacturing Plant&#8221;) and is responsible for the equipment used on the product line while NIO is responsible for the tooling. For each vehicle produced the Group will pay processing fee to JAC on a per-vehicle basis monthly for the first three years on the basis that NIO will provide all the raw materials to JAC. In addition, for the first 36 months after agreed time of start of production, which is April 2018, the Group will compensate JAC operating losses incurred in Hefei Manufacturing Plant. For the years ended December 31, 2016, 2017 and 2018, JAC charged the Group nil, nil and RMB126,425, respectively, based on the actual losses incurred in Hefei Manufacturing Plant during the same periods, which was recorded into cost of sales.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b>17. Research and Development Expenses</b></font></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">Research and development expenses consist of the following:</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 1195px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 1in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10"><font style="font-family: times new roman,times;" size="2">Year Ended December&#160;31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 534px;"><font style="font-family: times new roman,times;" size="2">Employee compensation</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 180px;"><font style="font-family: times new roman,times;" size="2">451,284</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 180px;"><font style="font-family: times new roman,times;" size="2">1,004,835</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 11px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 179px;"><font style="font-family: times new roman,times;" size="2">1,850,886</font></td> <td style="text-align: left; width: 11px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Design and development expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">948,753</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,455,297</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,827,980</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Travel and entertainment expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">27,085</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">60,622</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">104,949</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Depreciation and amortization expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">7,819</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">38,940</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">103,427</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Rental and related expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">10,485</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">12,367</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">33,105</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Others</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">19,927</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">30,828</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">77,595</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Total</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,465,353</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,602,889</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">3,997,942</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b>18. Selling, General and Administrative Expenses</b></font></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">Selling, general and administrative expenses consist of the following:</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 1195px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 1in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Year Ended December&#160;31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 534px;"><font style="font-family: times new roman,times;" size="2">Employee compensation</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 180px;"><font style="font-family: times new roman,times;" size="2">473,302</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 180px;"><font style="font-family: times new roman,times;" size="2">929,928</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 11px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 179px;"><font style="font-family: times new roman,times;" size="2">2,256,455</font></td> <td style="text-align: left; width: 11px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Marketing and promotional expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">239,549</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">523,535</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,158,519</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Professional services</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">133,368</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">238,740</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">578,469</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Rental and related expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">91,535</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">216,111</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">450,113</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Depreciation and amortization expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">38,268</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">128,918</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">249,765</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Travel and entertainment expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">32,572</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">71,278</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">197,187</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">IT consumable, office supply and other low value consumable</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">21,621</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">114,668</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">167,323</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Others</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">106,972</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">127,529</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">283,959</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Total</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,137,187</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,350,707</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">5,341,790</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>19. Acquisition and Investment in Equity Investees</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On June&#160;1, 2017, the Company entered into an agreement with the minority shareholder of NIO Sport for the purchase of the remaining 45% shares of NIO Sport at total consideration of US$4,000 and GBP200 (RMB28,417 equivalent in total). The Company recorded the difference between the carrying amount of the non-controlling interest and the consideration paid in accumulated deficit.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>20. Convertible Promissory Note</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On February 16, 2017, the Company issued convertible promissory note (&#8220;the Note&#8221;) in the aggregated principal amount of US$48,000 (RMB312,624 equivalent) to one of its existing convertible redeemable preferred shareholder with compounding interest at 15% per annum, maturing 90 days after the issuance date. Pursuant to the Note agreements, the holders of the Note may (i) convert the outstanding principal and accrued interest of the Note into the most recent round of equity security at a conversion price equal to 97% of the per share price paid by the investors in the event that the Company issues and sells equity security to investors on or before the date of the repayment in full of this Note in an equity financing resulting in gross proceeds to the Company of at least US$100,000 (&#8220;Qualified Financing&#8221;), however, the Company and the Note holder both agreed that the 3% discount on the price shall not be applicable to the Series C Convertible Redeemable Preferred Shares (&#8220;Series C Preferred Shares&#8221;), or (ii) convert the outstanding principal and accrued interest of the Note into Series B Convertible Redeemable Preferred Shares (&#8220;Series B Preferred Shares&#8221;) of the Company at a conversion price of US$2.751 per share if no Qualified Financing occurred before prior to the maturity date. The Company may elect to repay the accrued interests in cash under either way. The issuance cost for the Note was immaterial. On May 17, 2017, the Note was fully repaid in cash together with the accrued interest of US$1,800 (RMB12,389 equivalent).</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"><b>21. Convertible Redeemable Preferred Shares</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">In March 2015, the Company issued 165,000,000 shares of Series A-1 convertible redeemable preferred shares (&#8220;Series A-1 Preferred Shares&#8221;) for US$1.00 per share for cash of US$165,000. The total consideration was paid in three instalments and were fully paid in January 2017. In March and May 2015, the Company issued 130,000,000 shares of Series A-2 convertible redeemable preferred shares (&#8220;Series A-2 Preferred Shares&#8221;) for US$1.00 per share for cash of US$130,000. In September 2015, the Company issued 24,210,431 shares of Series A-3 Preferred Shares for US$1.6522 per share for cash of US$40,000. The Series A-1, A-2 and A-3 Preferred Shares are collectively referred to as the &#8220;Series A Preferred Shares&#8221;.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">In June, July, August, September 2016 and February 2017, the Company issued 114,867,321 shares of Series B convertible redeemable preferred shares (&#8220;Series B Preferred Shares&#8221;) for US$2.751 per share for cash of US$316,000.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">In March, April, May and July 2017, the Company issued 166,205,830 shares of Series C convertible redeemable preferred shares (&#8220;Series C Preferred Shares&#8221;) for US$3.885 per share for cash of US$645,709.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">In November and December 2017, the Company issued 211,156,415 shares of Series D convertible redeemable preferred shares (&#8220;Series D Preferred Shares&#8221;) for US$5.353 per share for cash of US$1,130,320. US$12,000 out of the total consideration from one of the investor was not paid until March&#160;28, 2018 and it was treated as a reduction of Series D Preferred Shares until it was paid. In addition, a finder&#8217;s commission of US$26,000 was incurred for the Series D Preferred Shares financing. The Company paid 50% of the commission in cash amounted US$13,000 and the remaining 50% by issuance of 2,428,588 shares of Series D Preferred Shares for free to the financial advisory. The total of the finder&#8217;s commission was also recorded as an issuance cost as a deduction of the preferred shares.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">The Series A-1, A-2, A-3, B, C and D Preferred Shares are collectively referred to as the &#8220;Preferred Shares&#8221;. All series of Preferred Shares have the same par value of US$0.00025 per share.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">The Company classified the Preferred Shares in the mezzanine section of the consolidated balance sheets because they were redeemable at the holders&#8217; option any time after a certain date and were contingently redeemable upon the occurrence of certain liquidation events outside of the Company&#8217;s control, that being the Company&#8217;s failure to complete a QIPO by December&#160;31, 2021. The Preferred Shares are recorded initially at fair value, net of issuance costs. The issuance costs for Series A-1, A-2, A-3, B, C, and D were RMB1,892, RMB1,177, RMB1,296, RMB11,857, RMB10,039 and RMB6,033 (US$301, US$189, US$208, US$1,782, US$1,489 and US$901, equivalent).</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">The major rights, preferences and privileges of the Preferred Shares are as follows:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; font-size-adjust: none; font-stretch: normal;"><b><i>&#160;</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px 0pt 24.45pt; font-size-adjust: none; font-stretch: normal;"><b><i>Voting Rights</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">The holders of the Preferred Shares shall have the right to one vote for each ordinary share into which each outstanding Preferred Share held could then be converted. The holders of the Preferred Shares vote together with the Ordinary Shareholders, and not as a separate class or series, on all matters put before the shareholders. The holders of the Preferred Shares are entitled to appoint a total of 10 out of 11 directors of the Board.&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; font-size-adjust: none; font-stretch: normal;"><b><i>&#160;</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; font-size-adjust: none; font-stretch: normal;"><b><i>Dividends</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">Subject to the approval and declaration by the Board of Directors, the holders of the Preferred Shares (exclusive of unpaid shares) are entitled to receive dividends in the following order:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 48.95pt; text-align: justify; text-indent: -18.35pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 30.6pt;"></td> <td style="width: 18.35pt;"><font style="font-family: symbol;">&#183;</font></td> <td style="text-align: justify;">Series D Preferred Shareholders are entitled to receive dividends at an amount equal to 5% of the issue price prior to and in preference to any dividend on the Series C preferred Shares, Series B preferred shares, Series A Preferred Shares and ordinary shares;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">&#160;</p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 30.6pt;"></td> <td style="width: 18.35pt;"><font style="font-family: symbol;">&#183;</font></td> <td style="text-align: justify;">Series C Preferred Shareholders are entitled to receive dividends at an amount equal to 5% of the issue price prior to and in preference to any dividend on the Series B preferred shares, Series A Preferred Shares and ordinary shares;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 48.95pt; text-align: justify; text-indent: -18.35pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 30.6pt;"></td> <td style="width: 18.35pt;"><font style="font-family: symbol;">&#183;</font></td> <td style="text-align: justify;">Series B Preferred Shareholders are entitled to receive dividends at an amount equal to 5% of the issue price prior to and in preference to any dividend on the Series A Preferred Shares and ordinary shares;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 48.95pt; text-align: justify; text-indent: -18.35pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 30.6pt;"></td> <td style="width: 18.35pt;"><font style="font-family: symbol;">&#183;</font></td> <td style="text-align: justify;">Series A Preferred Shareholders are entitled to receive dividends at an amount equal to 5% of the issue price prior to and in preference to any ordinary shares;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 48.95pt; text-align: justify; text-indent: -18.35pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 30.6pt;"></td> <td style="width: 18.35pt;"><font style="font-family: symbol;">&#183;</font></td> <td style="text-align: justify;">any remaining dividends shall be distributed on a pro rata basis to holders of all the Preferred Shares and ordinary shares on a fully diluted and as-if converted basis.</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">No dividends on preferred and ordinary shares have been declared since the issuance date through December&#160;31, 2017 and 2018.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;"><b><i>&#160;</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;"><b><i>Liquidation</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">In the event of any liquidation, the holders of Preferred Shares have preference over holders of ordinary shares with respect to payment of dividends and distribution of assets. Upon Liquidation, Series D Preferred Shares shall rank senior to Series C Preferred Shares, Series C Preferred Shares shall rank senior to Series B Preferred Shares, Series B Preferred Shares shall rank senior to Series A-3 Preferred Shares, Series A-3 Preferred Shares shall rank senior to Series A-1 and A-2 Preferred Shares, Series A-1 and A-2 Preferred Shares shall rank senior to ordinary shares.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">The holders of Preferred Shares (exclusive of unpaid shares) shall be entitled to receive an amount per share equal to (A)&#160;an amount equal to the higher of (1) 100% of the original issue price of such Preferred Shares, and (2)&#160;the amount that would be payable on such Preferred Shares if converted into ordinary shares immediately before such Liquidation; and (B)&#160;the amount of all declared but unpaid dividends on such Preferred Shares based on such holder&#8217;s pro rata portion of the total number of the Preferred Shares. If there are still assets of the Company legally available for distribution, such remaining assets of the Company shall be distributed to the holders of issued and outstanding Ordinary Shares on pro rata basis among themselves.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; font-size-adjust: none; font-stretch: normal;"><b><i>&#160;</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; font-size-adjust: none; font-stretch: normal;"><b><i>Conversion</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">The Preferred Shares (exclusive of unpaid shares) would automatically be converted into common shares 1) upon a QIPO; or 2) upon the written consent of the holders of a majority of the outstanding Preferred Share of each class with respect to conversion of each class.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">The initial conversion ratio of Preferred Shares to ordinary shares shall be 1:1, subject to adjustments in the event of (i)&#160;share splits, share dividends, combinations, recapitalization and similar events, or (ii)&#160;issuance of Ordinary Shares (excluding certain events such as issuance of ordinary shares pursuant to a public offering) at a price per share less than the conversion price in effect on the date of or immediately prior to such issuance.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">The Company determined that there were no beneficial conversion features identified for any of the Preferred Shares during any of the periods. In making this determination, the Company compared the fair value of the ordinary shares into which the Preferred Shares are convertible with the respective effective conversion price at the issuance date. In all instances, the effective conversion price was greater than the fair value of the ordinary shares. To the extent a conversion price adjustment occurs, as described above, the Company will re-evaluate whether or not a beneficial conversion feature should be recognized.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; font-size-adjust: none; font-stretch: normal;"><b><i>Redemption</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">The Company shall redeem, at the option of any holder of outstanding Preferred Shares, all of the outstanding Preferred Shares (other than the unpaid shares) held by the requesting holder, at any time after the earliest to occur of (a)&#160;December&#160;31, 2021, if no QIPO or Approved Sale has been consummated prior to such date, (b)&#160;any material change in applicable law that would prohibit or otherwise make it illegal to continue to operate the business under the then-existing equity structure of the Group, which could not be solved by alteration or adjustment of the equity structure of the Group after good faith consultation among the Company and its shareholders, (c)&#160;the early termination of employment or service contracts of no less than 30% of the certain key employees (or subsequent persons holding their respective positions) with the Group during any six-month period (excluding any early termination with cause) which has resulted in material adverse effect with respect to the Business of the Group as a whole, and (d)&#160;termination or disruption of the business of the Group as a whole, which is attributable to any Group Company&#8217;s non-compliance with applicable laws or breach or early termination of material business contracts or business arrangements with any supplier, clients or otherwise (any matter or event as described in items (a)&#160;to (d), hereinafter a &#8220;Redemption Event&#8221;), or (e)&#160;any other Preferred Share holder has requested the Company to redeem its shares in any Redemption Event by delivery of a notice.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">The redemption amount payable for each Preferred Share (other than the unpaid shares) will be an amount equal to the greater of (a) 100% of the Preferred Shares&#8217; original issue price, plus all accrued but unpaid dividends thereon up to the date of redemption and compound interest on the preferred shares&#8217; original issue price at the rate of 8% per annum, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations, mergers or similar transactions, and (b)&#160;the fair market value of such Preferred Shares at the date of redemption.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">Upon the redemption, Series D Preferred Shares shall rank senior to Series C Preferred Shares, Series C Preferred Shares shall rank senior to Series B Preferred Shares, Series B Preferred Shares shall rank senior to Series A-3 Preferred Shares, Series A-3 Preferred Shares shall rank senior to Series A-1 and A-2 Preferred Shares, Series A-1 and A-2 Preferred Shares shall rank pari passu to each other.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; font-size-adjust: none; font-stretch: normal;"><b><i>&#160;</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; font-size-adjust: none; font-stretch: normal;"><b><i>Conversion upon IPO</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">On September 14, 2018, in connection with the completion of IPO, all of the Preferred Shares were automatically converted to 821,378,518 ordinary shares based on the aforementioned conversion price.&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 31.65pt; font-size-adjust: none; font-stretch: normal;"><i>&#160;</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 31.65pt; font-size-adjust: none; font-stretch: normal;"><i>Accounting for Preferred Shares</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">The Company recognized accretion to the respective redemption value of the Preferred Shares over the period starting from issuance date to September 12, 2018, the earliest redemption date. According to the redemption price calculation described above, the Company recognized accretion of the Preferred Shares amounted to RMB981,233, RMB2,576,935 and RMB13,667,291 for the years ended December 31, 2016, 2017 and 2018.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">The Company's convertible redeemable preferred shares activities for the years ended December 31, 2016, 2017 and 2018 are summarized below.:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">&#160;</p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series A-1 &amp; A-2</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series A-3</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series B</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series C</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series D</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 139.4px; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;"><font style="font-size: 8pt;">Balances as of January&#160;1, 2016</font></td> <td style="width: 14px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 76px; text-align: right;"><font style="font-size: 8pt;">295,000,000</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 76px; text-align: right;"><font style="font-size: 8pt;">1,340,034</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">24,210,431</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 76px; text-align: right;"><font style="font-size: 8pt;">276,695</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 78px; text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 78px; text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 78px; text-align: right;"><font style="font-size: 8pt;">319,210,431</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 48px; text-align: right;"><font style="font-size: 8pt;">1,616,729</font></td> <td style="width: 3px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Proceeds from Series A-1 Preferred Shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">401,478</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">401,478</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Issuance of preferred shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">102,144,675</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">1,862,134</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">102,144,675</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">1,862,134</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;"><font style="font-size: 8pt;">Accretion on convertible redeemable preferred shares to redemption value</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">798,481</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">29,983</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">152,769</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">981,233</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in; font-weight: bold;"><font style="font-size: 8pt;">Balances as of December&#160;31, 2016</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">295,000,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">2,539,993</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">24,210,431</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">306,678</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">102,144,675</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">2,014,903</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">421,355,106</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">4,861,574</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Proceeds from Series A-1 Preferred Shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">266,511</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">266,511</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Issuance of preferred shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">12,722,646</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">240,066</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">166,205,830</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">4,398,313</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">213,585,003</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">7,314,387</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">392,513,479</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">11,952,766</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;"><font style="font-size: 8pt;">Accretion on convertible redeemable preferred shares to redemption value</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">2,205,227</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">120,451</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">40,011</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">56,283</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">154,963</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">2,576,935</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in; font-weight: bold;"><font style="font-size: 8pt;">Balances as of December 31, 2017</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">295,000,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">5,011,731</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">24,210,431</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">427,129</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">114,867,321</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">2,294,980</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">166,205,830</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">4,454,596</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">213,585,003</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">7,469,350</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">813,868,585</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">19,657,786</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-indent: 24.5pt; font-size-adjust: none; font-stretch: normal;">&#160;</p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series A-1 &amp; A-2</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series A-3</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series B</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series C</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series D</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 137.4px; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;"><font style="font-size: 8pt;">Balances as of December&#160;31, 2017</font></td> <td style="width: 14px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">295,000,000</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 76px; text-align: right;"><font style="font-size: 8pt;">5,011,731</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 76px; text-align: right;"><font style="font-size: 8pt;">24,210,431</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 76px; text-align: right;"><font style="font-size: 8pt;">427,129</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">114,867,321</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">2,294,980</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">166,205,830</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">4,454,596</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 78px; text-align: right;"><font style="font-size: 8pt;">213,585,003</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">7,469,350</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 78px; text-align: right;"><font style="font-size: 8pt;">813,868,585</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 52px; text-align: right;"><font style="font-size: 8pt;">19,657,786</font></td> <td style="width: 4px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Issuance of Series A-3 Preferred Shares (note 24(c))</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">7,509,933</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">7,509,933</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Proceeds from Series D Preferred Shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">78,651</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">78,651</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Accretion on convertible redeemable preferred shares to redemption value</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">7,091,163</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">565,979</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">2,417,979</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">2,375,943</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">1,216,227</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">13,667,291</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Conversion of Series A-1 and A-2 Preferred Shares to Ordinary shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(295,000,000</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(12,102,894</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(295,000,000</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(12,102,894</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Conversion of Series A-3 Preferred Shares to Ordinary shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(31,720,364</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(993,108</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(31,720,364</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(993,108</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Conversion of Series B Preferred Shares to Ordinary shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(114,867,321</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(4,712,959</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(114,867,321</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(4,712,959</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Conversion of Series C Preferred Shares to Ordinary shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(166,205,830</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(6,830,539</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(166,205,830</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(6,830,539</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;"><font style="font-size: 8pt;">Conversion of Series D Preferred Shares to Ordinary shares</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">(213,585,003</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">(8,764,228</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">(213,585,003</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">(8,764,228</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="color: #000000; text-transform: none; text-indent: -0.1in; letter-spacing: normal; padding-bottom: 2.5pt; padding-left: 0.1in; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: bold; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">Balances as of December 31, 2018</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font style="font-size: 8pt;">&#8212;</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>22. Redeemable non-controlling interests</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">XPT (Jiangsu) Automotive Technology Co., Ltd. (&#8220;XPT Auto&#8221;), the Group&#8217;s wholly owned subsidiary had its redeemable preferred share (&#8220;XPT Auto PS&#8221;) financing of RMB1,269,900 to certain third party strategic investors in the second quarter of 2018. These third party strategic investors&#8217; contributions in XPT Auto were accounted for as the Group&#8217;s redeemable non-controlling interests, and were classified as Mezzanine equity. Pursuant to XPT Auto&#8217;s share purchase agreement, the XPT Auto PS issued to third party strategic investors have the same rights as the existing ordinary shareholder of XPT Auto except that they have following privileges:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Redemption</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The holders of XPT Auto PS have the option to request XPT Auto to redeem those shares under certain circumstance: (1) a qualified initial public offering of XPT Auto has not occurred by the fifth anniversary after the issuance of XPT Auto PS&#894; (2) XPT Auto doesn&#8217;t meet its performance target (revenue and net profit) for each of the year during FY2019 and FY2023&#894; or (3) a deadlock event lasts for 60 working days and cannot be resolved.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The redemption price should be equal to the original issue price plus simple interest on the original issue price at the rate of 10% per annum minus the dividends paid up to the date of redemption.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Liquidation</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In the event of any liquidation, the holders of XPT Auto PS have preference over holders of ordinary shares. On a return of capital on liquidation, XPT Auto&#8217;s assets available for distribution among the investors shall first be paid to XPT Auto PS investors at the amount equal to the original issue price plus simple interest on the original issue price at the rate of 10% per annum minus the dividends paid up to the date of liquidation. The remaining assets of XPT Auto shall all be distributed to its ordinary shareholders.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company recognized accretion to the respective redemption value of the XPT Auto PS over the period starting from issuance date. As of December 31, 2018, RMB1,265,900 out of the total consideration was paid by those investors and the remaining RMB4,000 were still outstanding.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>23. Ordinary Shares</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Upon inception, each ordinary share was issued at a par value of US$0.00025 per share. Various numbers of ordinary shares were issued to share-based compensation award recipients. As of December 31, 2017, the authorized share capital of the Company is US$500 divided into 2,000,000,000 shares, comprising of: 1,151,269,325 Ordinary Shares, 165,000,000 Series A-1 Preferred Shares, 130,000,000 Series A-2 Preferred Shares, 31,720,364 Series A-3 Preferred Shares, 114,867,321 Series B Preferred Shares, 167,142,990 Series C Preferred Shares, 240,000,000 Series D Preferred Shares, each at a par value of US$0.00025 per share. As of December 31, 2018, the authorized share capital of the Company is US$1,000 divided into 4,000,000,000 shares, comprising of: 2,500,000,000 Class A Ordinary Shares, 132,030,222 Class B Ordinary Shares, 148,500,000 Class C Ordinary Shares, each at a par value of US$0.00025 per share, and 1,219,469,778 shares of a par value of US$0.00025 each of such class or classes as the board of directors may determine.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of December 31, 2017 and 2018, 1,151,269,325 and 4,000,000,000 ordinary shares were authorized, respectively, 36,727,350 and 1,057,731,012 shares were issued and 23,850,343 and 1,050,799,032 shares were outstanding as of December 31, 2017 and 2018, respectively.</p> <p style="margin: 0px; font: 10pt times new roman, times, serif;"><b>24. Share-based Compensation </b></p> <p style="text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">Compensation expenses recognized for share-based awards granted by the Company were as follows:</p> <p style="margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="width: 61%;">Cost of sales</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">&#8212;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">&#8212;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">9,289</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Research and development expenses</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">14,484</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">23,210</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">109,124</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Selling, general and administrative expenses</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">62,200</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">67,086</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">561,055</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">76,684</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">90,296</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">679,468</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">There was no income tax benefit recognized in the consolidated statements of comprehensive loss for share-based compensation expenses and the Group did not capitalize any of the share-based compensation expenses as part of the cost of any assets in the years ended December 31, 2016, 2017 and 2018.</p> <p style="margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><b><i>&#160;</i></b></p> <p style="margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><b><i>(a) Prime Hubs&#8217; Restricted Shares Plan </i></b></p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">In 2015, the Company adopted the Prime Hubs Restricted Shares Plan (the &#8220;Prime Hubs Plan&#8221;). Pursuant to the Prime Hubs Plan, restricted shares were granted to certain employees and non-employee consultants of the Group as approved by the board of directors. The restricted shares granted require the non-employee consultants to serve the Group for a period of one year with 100% of the restricted shares vesting upon the completion of the service period and the employees to serve the group for a period of four years with 25% of the restricted shares vesting at each anniversary of the service commencement date. The restricted shares issued under the Prime Hubs Plan are held by Prime Hubs, a consolidated variable interest entity of the Company, and are accounted for as treasury stocks of the Company prior to their vesting.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">The following table summarizes activities of the Company&#8217;s restricted shares granted to employees under the Prime Hubs Plan:</p> <p style="text-align: justify; margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><i>&#160;</i></p> <p style="text-align: justify; margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><i>(i) Employees </i></p> <p style="margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;" nowrap="nowrap">Employees</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Number&#160;of&#160;Shares</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Outstanding</b></p> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Weighted&#160;Average</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Grant&#160;Date&#160;Fair&#160;Value</b></p> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="width: 64%;">Unvested as of December&#160;31, 2015</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 15%;">13,450,000</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 15%;">0.72</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Vested</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(3,362,500</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.72</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Forfeited</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,687,500</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.72</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Unvested as of December&#160;31, 2016</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,400,000</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.72</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-left: 9pt;">Granted</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,000,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.05</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Vested</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(3,133,329</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.84</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Forfeited</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(208,333</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.72</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Unvested as of December&#160;31, 2017</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">7,058,338</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1.04</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Vested</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(7,058,338</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1.04</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Unvested as of December&#160;31, 2018</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">In August 2018, the Company agreed to repurchase 562,500 vested Prime Hubs restricted shares from a former employee who passed away with total cash consideration of RMB7,490 at the fair value.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">For the years ended December 31, 2016, 2017 and 2018, total share-based compensation expenses recognized for the employee restricted shares granted under the Prime Hubs Plan were RMB8,435, RMB20,572 and RMB39,560, respectively.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">As of December 31, 2017 and 2018, there were RMB37,651 and nil of unrecognized share-based compensation expenses related to the employee restricted shares granted under the Prime Hubs Plan. Such unrecognized expenses are expected to be recognized over a weighted-average period of 1.69 and zero years, respectively, as of December 31, 2017 and 2018.</p> <p style="text-align: justify; margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><i>&#160;</i></p> <p style="text-align: justify; margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><i>(ii) Non-Employees </i></p> <p style="margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;" nowrap="nowrap">Non-Employees</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;"><b>Number&#160;of&#160;Shares</b></p> <p style="text-align: center; margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;"><b>Outstanding</b> &#160;</p> </td> <td style="text-align: center; padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 1pt;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;"><b>Weighted&#160;Average</b></p> <p style="text-align: center; margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;"><b>Grant&#160;Date&#160;Fair&#160;Value</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="width: 64%;">Unvested as of December&#160;31, 2015</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 15%;">2,950,000</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 15%;">1.25</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Vested</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,950,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1.25</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Unvested as of December&#160;31, 2016, 2017 and 2018</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">In January 2017, the Company agreed to repurchase 250,000 vested Prime Hubs restricted shares from a non-employee with total cash consideration of RMB1,686.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">For the years ended December&#160;31, 2016, 2017 and 2018, total share-based compensation expenses recognized for the non-employee restricted shares granted the Prime Hubs Plan were RMB24,532, nil and nil, respectively.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">As of December&#160;31, 2016, all share-based compensation expenses related to the non-employee restricted shares granted the Prime Hubs Plan had been recognized.</p> <p style="margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><b><i>&#160;</i></b></p> <p style="margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><b><i>(b) NIO Incentive Plans </i></b></p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">In 2015, the Company adopted the 2015 Stock Incentive Plan (the &#8220;2015 Plan&#8221;), which allows the plan administrator to grant options and restricted shares of the Company to its employees, directors, and consultants.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">The Company granted both share options and restricted shares to the employees. The share options and restricted shares of the Company under 2015 Plan have a contractual term of ten years from the grant date, and vest over a period of four years of continuous service, one fourth (1/4) of which vest upon the first anniversary of the stated vesting commencement date and the remaining vest rateably over the following 36 months. Under the 2015 plan, share options granted to the non-NIO US employees of the Group are only exercisable upon the occurrence of an initial public offering by the Company.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">In 2016 and 2017, the Board of Directors further approved the 2016 Stock Incentive Plan (the &#8220;2016 Plan&#8221;) and the 2017 Stock Incentive Plan (the &#8220;2017 Plan&#8221;). The share options of the Company under 2016 and 2017 Plan have a contractual term of seven or ten years from the grant date, and vest immediately or over a period of four or five years of continuous service.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">As of December&#160;31, 2017, the Group had not recognized any share-based compensation expenses for options granted to the non-NIO US employees of the Group, because the Company is unable to determine if it is probable that the performance conditions will be satisfied until the event occurs. As a result, the share-based compensation expenses for these options that are only exercisable upon the occurrence of the Company&#8217;s initial public offering will be recognized using the graded-vesting method upon the consummation of the initial public offering. The Group recognized the share options and restricted shares of the Company granted to the employees of NIO US on a straight-line basis over the vesting term of the awards, net of estimated forfeitures.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">Upon completion of the Company&#8217;s IPO on September 12, 2018, share-based compensation expenses for options granted to the non-NIO US employees of the Group were recognized by using the graded-vesting method.</p> <p style="text-align: center; text-indent: 24.4pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;<i>&#160;</i></p> <p style="margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><i>(i) Share Options </i></p> <p style="text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">The following table summarizes activities of the Company&#8217;s share options under the 2015, 2016 and 2017 Plans for the years ended December 31, 2016, 2017 and 2018:</p> <p style="margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Number of</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Options</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Outstanding</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Weighted</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Average</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Exercise</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Price</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Weighted</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Average</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Remaining</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Contractual&#160;Life</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Aggregate</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Intrinsic</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Value</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">In Years</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Outstanding as of December&#160;31, 2015</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt; width: 48%;">Granted</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">53,576,606</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">0.32</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">&#8212;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">&#8212;</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-left: 9pt;">Cancelled</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(945,346</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.39</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Expired</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(7,706</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.10</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Outstanding as of December&#160;31, 2016</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">52,623,554</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.32</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8.30</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">51,506</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Granted</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,460,477</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.46</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-left: 9pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,723,540</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.39</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Cancelled</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(5,236,562</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.44</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Expired</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(348,015</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.25</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Outstanding as of December&#160;31, 2017</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">57,775,914</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.57</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8.52</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">114,299</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-left: 9pt;">Granted</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">47,216,792</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.79</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(7,732,317</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.40</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-left: 9pt;">Cancelled</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(5,498,453</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.17</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Expired</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(687,796</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.62</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Outstanding as of December&#160;31, 2018</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">91,074,140</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1.69</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8.23</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">425,988</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Vested and expected to vest as of December&#160;31, 2016</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">50,782,627</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">49,245</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Exercisable as of December&#160;31, 2016</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,297,535</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,336</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Vested and expected to vest as of December&#160;31, 2017</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">55,832,678</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">107,299</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Exercisable as of December&#160;31, 2017</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,089,894</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">11,070</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Vested and expected to vest as of December&#160;31, 2018</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">99,702,386</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">467,127</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Exercisable as of December&#160;31, 2018</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">32,959,964</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">185,787</td> <td style="text-align: left;">&#160;</td> </tr> </table> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">The weighted-average grant date fair value for options granted under the Company&#8217;s 2015, 2016 and 2017 Plans during the years ended December 31, 2016, 2017 and 2018 was US$0.90, US$1.21 and US$1.93, respectively, computed using the binomial option pricing model.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">The total share-based compensation expenses recognized for share options during the years ended December 31, 2016, 2017 and 2018 was RMB17,998, RMB30,127 and RMB437,320 respectively.</p> <p style="text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">The fair value of each option granted under the Company&#8217;s 2015, 2016 and 2017 Plans during 2016, 2017 and 2018 was estimated on the date of each grant using the binomial option pricing model with the assumptions (or ranges thereof) in the following table:</p> <p style="margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Exercise price (US$)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.10-0.61</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.61-2.55</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.10 - 6.74</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Fair value of the ordinary shares on the date of option grant (US$)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.96-1.30</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.30-2.55</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3.38 - 6.74</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Risk-free interest rate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.46%-1.78</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.31%-2.40</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.74% - 3.15</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 55%;">Expected term (in years)</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%;">10</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%;">10</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 12%;">7 - 10</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Expected dividend yield</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Expected volatility</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">54</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">51%-52</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">47% - 51</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Expected forfeiture rate (post-vesting)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5% - 8</td> <td style="text-align: left;">%</td> </tr> </table> <p style="margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="margin: 0px; font: 10pt times new roman, times, serif;"></p> <p style="text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">Risk-free interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. The 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. Expected term is the contract life of the options.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">As of December 31, 2017 and 2018, there were RMB58,444 and RMB17,101 of unrecognized compensation expenses related to the stock options granted to the employees of NIO US, which is expected to be recognized over a weighted-average period of 2.53 and 2.67 years, respectively.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">As of December 31, 2017, there were RMB275,473 of unrecognized compensation expenses related to the stocks options granted to the Group&#8217;s non-NIO US employees with a performance condition of an IPO, out of which, unrecognized compensation expenses of RMB138,884 related to options for which the service condition had been met and are expected to be recognized when the performance target of an IPO is achieved.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">As of December 31, 2018, there were RMB50,279 of unrecognized compensation expenses related to the stocks options granted to the Group&#8217;s non-NIO US employees which is expected to be recognized over a weighted-average period of 3.02 years.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;"><i>&#160;</i></p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;"><i>(ii) Restricted shares </i></p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">The fair value of each restricted share granted with service conditions is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">The following table summarizes activities of the Company&#8217;s restricted shares to US employees under the 2015 plan:</p> <p style="margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Number&#160;of&#160;Restricted</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Shares Outstanding</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Weighted&#160;Average</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Grant&#160;Date&#160;Fair&#160;Value</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td>Unvested at December&#160;31, 2015</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt; width: 74%;">Granted</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">3,103,809</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">0.96</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-left: 9pt;">Vested</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(960,958</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.96</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Forfeited</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(305,464</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.96</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Unvested at December&#160;31, 2016</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,837,387</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.96</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Vested</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(470,015</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.96</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Forfeited</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(254,395</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.96</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Unvested at December&#160;31, 2017</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,112,977</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.96</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-left: 9pt;">Vested</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(608,406</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.96</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Forfeited</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(63,058</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.96</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Unvested at December&#160;31, 2018</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">441,513</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.96</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">As of December 31, 2017 and 2018, there were RMB6,095 and RMB2,812 of unrecognized compensation expenses related to restricted shares granted to the employees of NIO US, which is expected to be recognized over a weighted-average period of 1.75 and 0.75 years, respectively.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">Share-based compensation expenses of RMB6,137, RMB4,151 and RMB3,790 related to restricted shares granted to the employees of NIO US was recognized for the years ended December 31, 2016, 2017 and 2018, respectively.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">The following table summarizes activities of the Company&#8217;s restricted shares to non-US employees under the 2016 and 2017 plan:</p> <p style="margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Number&#160;of&#160;Restricted</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Shares Outstanding</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Weighted&#160;Average</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Grant&#160;Date&#160;Fair&#160;Value</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Unvested at December&#160;31, 2017</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt; width: 74%;">Granted</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">509,001</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">6.72</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Vested</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(445,104</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">6.74</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Unvested at December&#160;31, 2018</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">63,897</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6.60</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">As of December 31, 2018, there were RMB2,798 of unrecognized compensation expenses related to restricted shares granted to the non-US employees, which is expected to be recognized over a weighted-average period of 1.70 years.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">Share-based compensation expenses of nil, nil and RMB20,323 related to restricted shares granted to the non-US employees was recognized for the years ended December 31, 2016, 2017 and 2018.</p> <p style="margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><b><i>&#160;</i></b></p> <p style="margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><b><i>(c) Non-recourse Loan </i></b></p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">In November 2015, the Company issued an offer letter to one of its key management team member (&#8220;the Borrower&#8221;). In the offer letter, the Company offered the Borrower to purchase 7,509,933 Series A-3 Preferred Shares of the Company at the price of US$1.6522 per share, which equals to the purchase price same class of preferred shares by other third party investors in the most recent round of financing prior to the offer letter. In addition, the Company agreed to provide a loan in the amount of US$12,408 with an interest rate of 1.8% compounded semiannually to paid for the fund the purchase of such Series A-3 Preferred Shares by the Borrower (&#8220;the Loan&#8221;). The Loan agreement was signed on March&#160;10, 2016. The Loan is subject to a three-year service condition with 25% immediately vested on the grant date and 25% cliff vesting annually. The Borrower&#8217;s personal liability on the Loan, and the Company&#8217;s recourse against the Borrower personally on the Loan, shall be limited to 50% of the then-outstanding principal amount of the Loan, including any interest accrued thereon.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.4pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.4pt; margin: 0px; font: 10pt times new roman, times, serif;">In June 2018, the Borrower repaid the loan pursuant to the agreement, including the interest accrued, to the Company, amounting to RMB82,863. By the time of the repayment, 75% of the Award was vested and considered as exercised while 25% remained as unvested.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">Pursuant to ASC 718, the Company accounted for the Loan as a stock liability (the &#8220;Award&#8221;). Given the underlying of the Award is Series A-3 Preferred Shares, it was treated as a liability award following ASC 480. The Award was initially recognized at fair value and subsequently re-measured by recognizing the change in fair value as an adjustment to the compensation costs. The fair value of the Award granted was estimated on each reporting date using the Black-Scholes option pricing model with the assumptions (or ranges thereof) in the following table:</p> <p style="margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="width: 61%;">Exercise price</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">1.83</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">1.82</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">1.74</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Fair value of the Preferred Shares on the measurement date</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.80</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.70</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4.54</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Risk-free interest rate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Remaining life (in years)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4.75</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3.64</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.26</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Expected dividend yield</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Expected volatility</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;"><font style="font-size: 10pt;">47-51</font></td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;"><font style="font-size: 10pt;">47-48</font></td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;"><font style="font-size: 10pt;">43%-44</font></td> <td style="text-align: left;">%</td> </tr> </table> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">As of December 31, 2018, the Award was fully vested and exercised. Unrecognized expense related to the Award was nil.</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;">Share-based compensation expenses related to the Award of RMB19,582, RMB35,446 and RMB178,475 was recognized for the years ended December 31, 2016, 2017 and 2018, respectively.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b>25. Taxation</b></font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b><i>&#160;</i></b></font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b><i>(a) Income taxes</i></b></font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>&#160;</i></font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>Cayman Islands</i></font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The Company was incorporated in the Cayman Islands and conducts most of its business through its subsidiaries located in Mainland China, Hong Kong, United States, United Kingdom and Germany. Under the current laws of the Cayman Islands, the Company is not subject to tax on either income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>&#160;</i></font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>PRC</i></font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">All Chinese companies are subject to enterprise income tax (&#8220;EIT&#8221;) at a uniform rate of 25%.</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">Under the EIT Law enacted by the National People&#8217;s Congress of PRC on March&#160;16, 2007 and its implementation rules which became effective on January&#160;1, 2008, dividends generated after January&#160;1, 2008 and payable by a foreign investment enterprise in the PRC to its foreign investors who are non-resident enterprises are subject to a 10% withholding tax, unless any such foreign investor&#8217;s jurisdiction of incorporation has a tax treaty with the PRC that provides for a different withholding arrangement. Under the taxation arrangement between the PRC and Hong Kong, a qualified Hong Kong tax resident which is the &#8220;beneficial owner&#8221; and directly holds 25% or more of the equity interest in a PRC resident enterprise is entitled to a reduced withholding tax rate of 5%. The Cayman Islands, where the Company was incorporated, does not have a tax treaty with PRC.</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose &#8220;de facto management body&#8221; is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the &#8220;de facto management body&#8221; as &#8220;the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.&#8221; Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC will be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, there is uncertainty as to the application of the EIT Law. Should the Company be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC income tax on worldwide income at a uniform tax rate of 25%.</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">According to relevant laws and regulations promulgated by the State Administration of Tax of the PRC effective from 2008 onwards, enterprises engaging in research and development activities are entitled to claim 175% of their qualified research and development expenses so incurred as tax deductible expenses when determining their assessable profits for the year (&#8216;Super Deduction&#8217;). The additional deduction of 75% of qualified research and development expenses can only be claimed directly in the annual EIT filing and subject to the approval from the relevant tax authorities.</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>&#160;</i></font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>Hong Kong</i></font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">Under the current Hong Kong Inland Revenue Ordinance, the subsidiaries of the Group incorporated in Hong Kong are subject to 16.5% Hong Kong profit tax on their taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>&#160;</i></font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>Other Countries</i></font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The maximum applicable income tax rates of other countries where the Company&#8217;s subsidiaries having significant operations for the years ended December 31, 2016, 2017 and 2018 are as follows:</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">For the Year Ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 859px;"><font style="font-family: times new roman,times;" size="2">United States</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">42.84</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td style="width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">42.84</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td style="width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">29.84</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">%</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">United Kingdom</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">20.00</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">19.25</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">19.00</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td><font style="font-family: times new roman,times;" size="2">Germany</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">32.98</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">32.98</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">32.98</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">%</font></td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">Composition of income tax expense for the periods presented are as follows:</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">For the Year Ended December 31,</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; width: 859px;"><font style="font-family: times new roman,times;" size="2">Current income tax expense</font></td> <td style="padding-bottom: 2.5pt; width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">4,314</font></td> <td style="text-align: left; padding-bottom: 2.5pt; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">7,906</font></td> <td style="text-align: left; padding-bottom: 2.5pt; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">22,044</font></td> <td style="text-align: left; padding-bottom: 2.5pt; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">Reconciliations of the income tax expense computed by applying the PRC statutory income tax rate of 25% to the Group&#8217;s income tax expense of the years presented are as follows:</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 1238px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.75in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif;"><font style="font-family: times new roman,times;" size="2"><b>For the</b></font></p> <p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif;"><font style="font-family: times new roman,times;" size="2"><b>Year Ended December 31,</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 746px;"><font style="font-family: times new roman,times;" size="2">Loss before income tax expense</font></td> <td style="width: 13px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 13px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 124px;"><font style="font-family: times new roman,times;" size="2">(2,568,940</font></td> <td style="text-align: left; width: 13px;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="width: 13px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 123px;"><font style="font-family: times new roman,times;" size="2">(5,013,268</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 123px;"><font style="font-family: times new roman,times;" size="2">(9,616,935</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Income tax expense computed at PRC statutory income tax rate of 25%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(642,235</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(1,253,318</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(2,404,234</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Non-deductible expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">91,915</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">91,093</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">96,684</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Foreign tax rates differential</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">52,495</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(74,531</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">167,180</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Additional 50% tax deduction for qualified research and development expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(46,527</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(93,513</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(216,993</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Tax exempted interest income</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(52</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(845</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(10,377</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Effect of U.S. tax law change</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">165,898</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">US tax credits</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(5,716</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(52,185</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(42,781</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Prior year adjustments</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">3,594</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(10,293</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(1,422</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Tax benefit not utilized</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">550,840</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,235,600</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,433,987</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Income tax expense</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">4,314</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">7,906</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">22,044</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The PRC statutory income tax rate was used because the majority of the Group&#8217;s operations are based in PRC.</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b><i>&#160;</i></b></font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b><i>(b) Deferred tax</i></b></font></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more-likely-than-not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying business. The statutory income tax rate of 25% or applicable preferential income tax rates were applied when calculating deferred tax assets.</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The Group&#8217;s deferred tax assets consist of the following components:</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">As of December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Deferred tax assets</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 859px;"><font style="font-family: times new roman,times;" size="2">Net operating loss carry-forwards</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">567,844</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">1,620,535</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">3,777,696</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Accrued and prepaid expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">39,174</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">84,320</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">255,240</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Advertising expenses in excess of deduction limit</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">9,118</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">65,737</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">14,234</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Tax credit carry-forwards</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">13,735</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">60,624</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">117,801</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Property, plant and equipment, net</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">28,849</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">27,463</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">17,467</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Deferred rent</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">9,478</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">8,699</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">36,729</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Deferred Revenue</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">2,411</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">83,877</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Unrealized financing cost</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">41,939</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Intangible assets</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,643</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">7,104</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">15,687</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Share-based compensation</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">637</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">4,106</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">8,962</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">Unrealized foreign exchange loss</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">55</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">55</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">Total deferred tax assets</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">672,889</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,878,643</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">4,369,687</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">Less: Valuation allowance</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">(672,889</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">(1,878,643</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">(4,369,687</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">Total deferred tax assets, net</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">Full valuation allowances have been provided where, based on all available evidence, management determined that deferred tax assets are not more likely than not to be realizable in future tax years. Movement of valuation allowance is as follow:</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">As of December&#160;31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Valuation allowance</font></td> <td style="font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 859px;"><font style="font-family: times new roman,times;" size="2">Balance at beginning of the year</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">672,889</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">1,878,643</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">Additions</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">672,889</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,205,754</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,491,044</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">Balance at end of the year</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">672,889</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,878,643</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">4,369,687</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The Group has tax losses arising in Mainland China of 11,551,510 that will expire in one to five years for deduction against future taxable profit.</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 1195px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 1040px;"><font style="font-family: times new roman,times;" size="2">Loss expiring in 2019</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 120px;"><font style="font-family: times new roman,times;" size="2">4</font></td> <td style="text-align: left; width: 11px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Loss expiring in 2020</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">186,827</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Loss expiring in 2021</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,335,168</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Loss expiring in 2022</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">3,098,425</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">Loss expiring in 2023</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">6,931,086</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">Total</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">11,551,510</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The Group has tax losses arising in Hong Kong and United Kingdom of 1,221,492 for which could be carried forward indefinitely against future taxable income.</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The Group has tax losses arising in United States of 22,960, 232,429, 894,771 and 1,156,230 that will expire in seventeen, eighteen, nineteen and infinite years for deduction against future taxable income.</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">On December 22, 2017, the 2017 Tax Cuts and Jobs Act (&#8220;Tax Act&#8221;) was enacted into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a federal corporate tax rate decrease from 35% to 21% for tax years beginning after December 31, 2017. The Group is required to recognize the effect of the tax law changes in the period of enactment, such as re-measuring the Group&#8217;s U.S. deferred tax assets and liabilities as well as reassessing the net realizability of the deferred tax assets and liabilities. The Tax Act did not give rise to any material impact on the consolidated balance sheets and consolidated statements of comprehensive loss due to the Group&#8217;s historical worldwide loss position and the full valuation allowance provided against the Group&#8217;s net U.S. deferred tax assets.</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">In December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin No.&#160;118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (&#8220;SAB 118&#8221;), which allows the Group to record provisional amounts during a measurement period not to extend beyond one year from the enactment date. Since the Tax Act was enacted late in the fourth quarter of 2017 (and ongoing guidance and accounting interpretations are expected over the next 12 months), the Group considers the accounting of deferred tax re-measurements and other items to be incomplete due to the forthcoming guidance and its ongoing analysis of final year-end data and tax positions. The Group expects to complete the analysis within the measurement period in accordance with SAB 118. The Group does not expect any subsequent adjustments to have any material impact on the consolidated balance sheets or consolidated statements of comprehensive loss due to our historical worldwide loss position and the full valuation allowance provided against the Group&#8217;s net U.S. deferred tax assets.</font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>&#160;</i></font></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>Uncertain Tax Position</i></font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The Group did not identify any significant unrecognized tax benefits for each of the periods presented. The Group did not incur any interest related to unrecognized tax benefits, did not recognize any penalties as income tax expense and also does not anticipate any significant change in unrecognized tax benefits within 12&#160;months from December 31, 2018.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><b>26. Loss Per Share</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2016, 2017 and 2018 as follows:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 95%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">For the Year Ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">Numerator:</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 898.4px; text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Net loss</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 149px; text-align: right;"><font style="font-family: times new roman,times;" size="2">(2,573,254</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 149px; text-align: right;"><font style="font-family: times new roman,times;" size="2">(5,021,174</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 148px; text-align: right;"><font style="font-family: times new roman,times;" size="2">(9,638,979</font></td> <td style="width: 14px; text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Accretion on convertible redeemable preferred shares to redemption value</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(981,233</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(2,576,935</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(13,667,291</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Accretion on redeemable non-controlling interests to redemption value</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(63,297</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Net loss attributable to non-controlling interests</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">36,938</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">36,440</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">41,705</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">(3,517,549</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">(7,561,669</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">(23,327,862</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">Denominator:</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Weighted-average number of ordinary shares outstanding &#8212; basic and diluted</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">16,697,527</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">21,801,525</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">332,153,211</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc.</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">(210.66</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">(346.84</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">(70.23</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;"><font style="font-family: times new roman,times;" size="2">For the years ended December 31, 2016, 2017 and 2018, assumed conversion of the Preferred Shares into ordinary shares were excluded from the calculations of diluted net loss per share of the Company due to the anti-dilutive effect. The effects of all outstanding share options have also been excluded from the computation of diluted net loss per share for the years ended December 31, 2016, 2017 and 2018, as their effects would be anti-dilutive.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0px; font: 10pt times new roman, times, serif;"><font style="font-family: times new roman,times;" size="2">For the years ended December 31, 2016, 2017 and 2018, the Company had potential ordinary shares, including non-vested restricted shares, option granted and Preferred Shares. As the Group incurred losses for the years ended December 31, 2016, 2017 and 2018, these potential ordinary shares were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company. The weighted-average numbers of non-vested restricted shares, options granted and Preferred Shares excluded from the calculation of diluted net loss per share of the Company were 12,198,170, 26,311,777 and 369,222,548 as of December 31, 2016, 8,323,591, 27,495,737 and 593,611,970 as of December 31, 2017, 340,518, 72,735,288 and 678,614,152 as of December 31, 2018.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>27. Related Party Balances and Transactions</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The principal related parties with which the Group had transactions during the years presented are as follows:</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px; text-align: left; font-weight: bold; vertical-align: top; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: white;">Name of Entity or Individual</td> <td style="width: 32px; padding-bottom: 1pt; font-weight: bold; background-color: white;">&#160;</td> <td style="width: 706.67px; text-align: center; padding-left: 10pt; font-weight: bold; vertical-align: bottom; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: white;">Relationship with the Company</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Bin Li</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Principal Shareholder, Chairman of the Board and Chief Executive Officer</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Lihong Qin</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Principal Shareholder, Director and President of the Company</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Baidu Capital L.P.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Shareholder</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Hubei Changjiang Nextev New Energy Investment Management Co., Ltd.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Controlled by Principal Shareholder</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Jiangsu Xindian Automotive Co., Ltd.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Controlled by Principal Shareholder</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Beijing CHJ Information Technology Co., Ltd.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Controlled by Principal Shareholder</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Controlled by Principal Shareholder</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Shanghai NIO Hongling Investment Management Co., Ltd.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Controlled by Principal Shareholder</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">NIO Capital</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Controlled by Principal Shareholder</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Hubei Changjiang Nextev New Energy Industry Development Capital Partnership (Limited Partnership)</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Controlled by Principal Shareholder</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Suzhou Zenlead XPT New Energy Technologies Co., Ltd.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Affiliate</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Beijing Chehui Hudong Guanggao Co., Ltd.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Controlled by Principal Shareholder</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Beijing Xinyi Hudong Guanggao Co., Ltd.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Controlled by Principal Shareholder</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Bite Shijie (Beijing) Keji Co., Ltd.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Controlled by Principal Shareholder</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Kunshan Siwopu Intelligent Equipment Co., Ltd.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Affiliate</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Nanjing Weibang Transmission Technology Co., Ltd.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Affiliate</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Shanghai Weishang Business Consulting Co.,Ltd.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Controlled by Principal Shareholder</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; vertical-align: top; background-color: white;">Beijing Bitauto Information Technology Co., Ltd.</td> <td style="background-color: white;">&#160;</td> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: bottom; background-color: white;">Controlled by Principal Shareholder</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(a) The Group entered into the following significant related party transactions:</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(i) Provision of service</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">For the years ended December 31, 2016, 2017 and 2018, service income was primarily generated from property management and miscellaneous research and development services the Group provided to its related parties.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap">For the Year Ended December 31,</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2017</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2018</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 946.4px; text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Shanghai NIO Hongling Investment Management Co., Ltd.</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">&#8212;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">&#8212;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 156px; text-align: right;">2,707</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Shanghai Weishang Business Consulting Co.,Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">905</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Hubei Changjiang Nextev New Energy Investment Management Co.,Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">11,121</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Beijing CHJ Information Technology Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4,588</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Hubei Changjiang Nextev New Energy Industry Development Capital Partnership (Limited Partnership)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4,015</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Jiangsu Xindian Automotive Co., Ltd.</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,785</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">21,509</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,612</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(ii) Acceptance of marketing and advertising service</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 946.4px; text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Beijing Xinyi Hudong Guanggao Co., Ltd.</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">&#8212;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">8,021</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 156px; text-align: right;">28,245</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Beijing Chehui Hudong Guanggao Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">544</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,915</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Bite Shijie (Beijing) Keji Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,987</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,865</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Beijing Bitauto Information Technology Co., Ltd.</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">32</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">15,552</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">38,057</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i></i>&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(iii) Loan to related party</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">NIO Capital</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">&#8212;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">&#8212;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">66,166</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd.</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">50,000</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">50,000</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">66,166</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In 2017, the Company granted interest-free loans to Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd. As of December 31, 2018, the loans remain outstanding.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On January 12, 2018, the Group granted two interest free loans to NIO Capital, with principal amount of US$5,000 each, The loans mature in six months. One of the loan can be converted into ordinary shares of a subsidiary of NIO Capital upon maturity at the option of the Group.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(iv) Cost of manufacturing consignment</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 956px; text-align: left; padding-bottom: 2.5pt;">Suzhou Zenlead XPT New Energy Technologies Co.,Ltd.</td> <td style="width: 16px; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="width: 16px; text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 16px; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">18,324</td> <td style="width: 16px; text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 15px; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="width: 156px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">132,152</td> <td style="width: 15px; text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(v) Purchase of property and equipment</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 956px; text-align: left;">Kunshan Siwopu Intelligent Equipment Co., Ltd.</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">&#8212;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">&#8212;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 156px; text-align: right;">11,107</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Bite Shijie (Beijing) Keji Co., Ltd.</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,960</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">2,960</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">11,107</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(vi) Interest payable on behalf of related party</i></p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 956px; text-align: left; padding-bottom: 2.5pt;">Baidu Capital L.P.</td> <td style="width: 16px; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="width: 16px; text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 16px; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">21,671</td> <td style="width: 16px; text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 15px; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="width: 156px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">8,065</td> <td style="width: 15px; text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(vii) Acceptance of R&amp;D and maintenance service</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 956px; text-align: left;">Suzhou Zenlead XPT New Energy Technologies Co.,Ltd.</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">&#8212;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">&#8212;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 156px; text-align: right;">14,776</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Kunshan Siwopu Intelligent Equipment Co., Ltd.</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,436</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">17,212</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>&#160;</b></p> <p style="margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><i>(viii) Payment on behalf of related party</i> <b>&#160;</b></p> <p align="left" style="text-align: left; margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;"><b>&#160;</b></p> <p align="left" style="text-align: center; text-indent: 0pt; margin: 0px; font: 10pt times new roman, times, serif;"></p> <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="10">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2016</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2017</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2018</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td align="left" style="text-align: left; padding-bottom: 2.5pt; width: 61%; font-size: 10pt;">Nanjing Weibang Transmission Technology Co., Ltd.</td> <td align="left" style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;">&#160;</td> <td align="left" style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">&#160;</td> <td align="left" style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">&#8212;</td> <td align="left" style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;">&#160;</td> <td align="left" style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;">&#160;</td> <td align="left" style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">&#160;</td> <td align="left" style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">&#8212;</td> <td align="left" style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;">&#160;</td> <td align="left" style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;">&#160;</td> <td align="left" style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">&#160;</td> <td align="left" style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">2,790</td> <td align="left" style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;">&#160;</td> </tr> </table> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(b) The Group had the following significant related party balances:</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(i) Amounts due from related parties</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>December&#160;31,</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>2017</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>December 31,</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>2018</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1160px; text-align: left;">Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd.</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">50,000</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 156px; text-align: right;">50,000</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">NIO Capital</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">34,316</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Kunshan Siwopu Intelligent Equipment Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,970</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Nanjing Weibang Transmission Technology Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,790</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Shanghai Weilan Hongling Investment Management Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">960</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Baidu Capital L.P.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">21,671</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Beijing CHJ Information Technology Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,624</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Bin Li</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,680</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Jiangsu Xindian Automotive Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,627</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Hubei Changjiang Nextev New Energy Investment Management Co., Ltd.</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">954</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">79,556</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">96,036</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="font: 10pt/normal;"><i>(ii) Amounts due to related parties</i></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>December&#160;31,</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>2017</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>December 31,</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>2018</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1160px; text-align: left;">Suzhou Zenlead XPT New Energy Technologies Co., Ltd.</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">19,466</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 156px; text-align: right;">210,868</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Beijing Chehui Hudong Guanggao Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">576</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4,085</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Beijing Xinyi Hudong Guanggao Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">400</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,530</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Kunshan Siwopu Intelligent Equipment Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">761</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Bite Shijie (Beijing) Keji Co., Ltd. .</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">339</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Bin Li</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">14,289</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt;">Lihong Qin</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">5,338</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">40,069</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">219,583</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>28. Commitments and Contingencies&#160;</b></p> <div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></div> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(a) Capital commitments</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Capital expenditures contracted for at the balance sheet dates but not recognized in the Group&#8217;s consolidated financial statements are as follows:</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31,<br />2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 1144px;">Property and equipment</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="text-align: right; width: 157px;">1,250,612</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="text-align: right; width: 156px;">1,454,031</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">Leasehold improvements</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">470,600</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">149,551</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,721,212</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,603,582</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(b) Operating lease commitments</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of December 31, 2017 and 2018, the Group had remaining outstanding commitments non-cancelable agreements in respect to its operating leases as follows:</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31,<br />2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 1144px;">Within one year</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="text-align: right; width: 157px;">233,486</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="text-align: right; width: 156px;">393,734</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">1 to 2 years</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">261,846</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">457,892</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">2 to 3 years</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">278,278</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">444,909</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">More than 3 years</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">912,356</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,091,911</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,685,966</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,388,446</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><b><i></i></b>&#160;</p> <div style="margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><b><i>(c) Contingencies </i></b></div> <p style="text-align: justify; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On March 12, 2019, two putative securities class action lawsuits were filed against the Company and certain of the Company officers in the U.S. District Court of the Eastern District of New York. On March 14, 2019, another putative securities class action lawsuit was filed against the Company, certain of the Company directors and officers, and underwriters in the Supreme Court of the State of New York. The plaintiffs in these cases allege, in sum and substance, that the Company&#8217;s statements in the Registration Statement and/or other public statements were false or misleading and in violation of the U.S. federal securities laws. These actions remain in their preliminary stages and the Company is currently unable to determine the potential loss, if any, associated with the resolution of such lawsuits, if they proceed.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>29. Subsequent Events</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On February 4, 2019, the Company issued US$650,000 aggregate principal amount of 4.50% Convertible Senior Notes due 2024 (the &#8220;2024 Notes&#8221;). The initial purchasers of the 2024 Notes were granted an option to purchase, exercisable within a 30-day period, up to an additional US$100 million principal amount of the 2024 Notes. The initial purchasers of the 2024 Notes have exercised the option in full by purchasing US$51,773 aggregate principal amount of the 2024 Notes on February 15, 2019 and US$48,227 aggregate principal amount of the 2024 Notes on February 28, 2019.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On January 30, 2019, in connection with the pricing of the 2024 Notes, the Company entered into capped call transactions. On February 15, 2019 and February 26, 2019, the Company entered into additional capped call transactions. The Company used a portion of the net proceeds of the 2024 Notes to pay the cost of such transactions. The cap price of these capped call transactions is initially US$14.92 per ADS and is subject to adjustment under the terms of the capped call transactions.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On January 30, 2019, in connection with the pricing of the 2024 Notes, the Company also entered into privately negotiated zero-strike call option transactions and used a portion of the net proceeds of the 2024 Notes to pay the aggregate premium under such transactions. Pursuant to the zero-strike call option transactions, the Company purchased in the aggregate approximately 26.8 million ADSs.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>30. Parent Company Only Condensed Financial Information</b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company performed a test on the restricted net assets of its consolidated subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), &#8220;General Notes to Financial Statements&#8221; and concluded that it was applicable for the Company to disclose the financial information for the Company only.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The subsidiaries did not pay any dividend to the 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 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.</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company did not have significant capital and other commitments, or guarantees as of December&#160;31, 2018.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Condensed Balance Sheets</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">As of December&#160;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">RMB</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">RMB</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Note 2(e)</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">ASSETS</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Current assets:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 956px;">Cash and cash equivalents</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="text-align: right; width: 157px;">23,270</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="text-align: right; width: 157px;">17,179</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="text-align: right; width: 156px;">2,499</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Amounts due from related parties</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,243,251</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">20,701</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,011</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Prepayments and other current assets</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,642</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">54,847</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">7,977</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">Total current assets</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,268,163</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">92,727</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">13,487</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Non-current assets:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Investments in subsidiaries and VIEs</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">6,977,051</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">8,891,882</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,293,271</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">Total non-current assets</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">6,977,051</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">8,891,882</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,293,271</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">Total assets</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,245,214</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,984,609</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,306,758</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="font-weight: bold;">LIABILITIES</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Current liabilities:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Amounts due to related parties</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">135,490</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,046,971</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">297,720</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Accruals and other liabilities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">55,027</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">913</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">134</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">Total current liabilities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">190,517</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,047,884</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">297,854</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Deferred revenue</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">99,684</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">14,498</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">Total non-current liabilities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">99,684</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">14,498</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">Total liabilities</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">190,517</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,147,568</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">312,352</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">MEZZANINE EQUITY</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series A-1 and A-2 convertible redeemable preferred shares</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,011,731</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Series A-3 convertible redeemable preferred shares</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">427,129</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series B convertible redeemable preferred shares</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,294,980</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Series C convertible redeemable preferred shares</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4,454,596</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Series D convertible redeemable preferred shares</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,547,760</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Receivable from a holder of Series D convertible redeemable preferred shares</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(78,410</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">Total mezzanine equity</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">19,657,786</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">SHAREHOLDERS&#8217; (DEFICIT)/EQUITY</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Ordinary shares</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">60</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Class A Ordinary Shares</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,329</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">193</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Class B Ordinary Shares</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">226</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">33</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Class C Ordinary Shares</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">254</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">37</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Treasury shares</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(9,186</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(9,186</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,336</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Additional paid in capital</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">131,907</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">41,918,936</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,096,856</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Accumulated other comprehensive income/(loss)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(13,922</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(34,708</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(5,048</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Accumulated deficit</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(11,711,948</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(35,039,810</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(5,096,329</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">Total shareholders&#8217; (deficit)/equity</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(11,603,089</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">6,837,041</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">994,406</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">Total liabilities, mezzanine equity and shareholders&#8217; (deficit)/equity</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,245,214</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,984,609</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,306,758</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: center; widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>&#160;</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Condensed Statements of Comprehensive Loss</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="14">For the Year ended December&#160;31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2016</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2017</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2018</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2018</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;">&#160;</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">RMB</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">RMB</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">RMB</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">US$</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: center; font-size: 10pt;" colspan="2">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: center; font-size: 10pt;" colspan="2">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: center; font-size: 10pt;" colspan="2">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Note 2(e)</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt; font-weight: bold;">Operating expenses:</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt; width: 726px; font-size: 10pt;">Selling, general and administrative</td> <td style="padding-bottom: 1pt; width: 16px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 16px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 157px; font-size: 10pt;">(24,684</td> <td style="text-align: left; padding-bottom: 1pt; width: 16px; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; width: 16px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 16px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 157px; font-size: 10pt;">(52,518</td> <td style="text-align: left; padding-bottom: 1pt; width: 16px; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; width: 16px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 16px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 156px; font-size: 10pt;">(178,479</td> <td style="text-align: left; padding-bottom: 1pt; width: 15px; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; width: 15px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 15px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 156px; font-size: 10pt;">(25,959</td> <td style="text-align: left; padding-bottom: 1pt; width: 15px; font-size: 10pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt; font-weight: bold;">Total operating expenses</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(24,684</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(52,518</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(178,479</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(25,959</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt; font-weight: bold;">Loss from operations</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(24,684</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(52,518</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(178,479</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(25,959</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Interest income</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">24,309</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">2,391</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">7,692</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">1,119</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Interest expense</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(12,389</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Equity in loss of subsidiaries and VIEs</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(2,539,323</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(4,924,897</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(9,432,640</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(1,371,921</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Investment income</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">2,670</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">3,498</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Other loss, net</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">712</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(819</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">6,153</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">895</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt; font-weight: bold;">Loss before income tax expense</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(2,536,316</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(4,984,734</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(9,597,274</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(1,395,866</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Income tax expense</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt; font-weight: bold;">Net loss</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,536,316</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(4,984,734</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(9,597,274</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,395,866</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Accretion on convertible redeemable preferred shares to redemption value</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(981,233</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,576,935</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(13,667,291</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,987,825</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Accretion on redeemable non-controlling interests to redemption value</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(63,297</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(9,206</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt; font-weight: bold;">Net loss attributable to ordinary shareholders of NIO Inc.</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(3,517,549</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(7,561,669</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(23,327,862</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(3,392,897</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Condensed Statements of Cash Flows</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="14" nowrap="nowrap">For The Year ended December&#160;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">RMB</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">RMB</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">RMB</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Note 2(e)</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">CASH FLOWS FROM OPERATING ACTIVITIES</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; width: 743px;">Net cash used in operating activities</td> <td style="padding-bottom: 1pt; width: 16px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 157px;">(2,540,639</td> <td style="text-align: left; padding-bottom: 1pt; width: 16px;">)</td> <td style="padding-bottom: 1pt; width: 16px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 157px;">(4,920,905</td> <td style="text-align: left; padding-bottom: 1pt; width: 16px;">)</td> <td style="padding-bottom: 1pt; width: 16px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 156px;">3,917,654</td> <td style="text-align: left; padding-bottom: 1pt; width: 15px;">&#160;</td> <td style="padding-bottom: 1pt; width: 15px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 156px;">569,799</td> <td style="text-align: left; padding-bottom: 1pt; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">CASH FLOWS FROM INVESTING ACTIVITIES</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in;">Proceeds from sale of trading securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,118,559</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,340,911</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in;">Purchase of held for trading securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,346,261</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,337,413</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Acquisitions of equity investees</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(669,433</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(6,223,178</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(11,693,144</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,700,697</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Net cash used in investing activities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">102,865</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(6,219,680</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(11,693,144</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,700,697</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">CASH FLOWS FROM FINANCING ACTIVITIES</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in;">Proceeds from exercise of stock options</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,207</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">42,251</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,145</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in;">Repurchase of restricted shares</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(7,490</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,089</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in;">Proceeds from issuance of convertible promissory note</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">312,624</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in;">Repayment of convertible promissory note</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(325,013</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in;">Repayment of non-recourse loan</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">82,863</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">12,052</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in;">Proceeds from issuance of ordinary shares, net of issuance costs</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,566,470</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,100,497</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.35in;">Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,260,444</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,093,377</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">78,651</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,439</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Net cash provided by financing activities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,260,444</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,087,195</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">7,762,745</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,129,044</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Effects of exchange rate changes on cash and cash equivalents</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(7,323</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(3,031</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">6,654</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">969</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">NET DECREASE IN CASH AND CASH EQUIVALENTS</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(184,653</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(56,421</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(6,091</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(885</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Cash and cash equivalents at beginning of the year</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">264,344</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">79,691</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">23,270</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,384</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Cash and cash equivalents at end of the year</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">79,691</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">23,270</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">17,179</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,499</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: center; widows: 2; text-transform: none; text-indent: 24.4pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b>&#160;</b></p> <p style="widows: 2; text-transform: none; text-indent: 24.4pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Basis of presentation</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company&#8217;s accounting policies are the same as the Group&#8217;s accounting policies with the exception of the accounting for the investments in subsidiaries and VIEs.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">For the Company only condensed financial information, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments&#8212;Equity Method and Joint Ventures.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Such investments are presented on the Condensed Balance Sheets as &#8220;Investments in subsidiaries and VIEs&#8221; and shares in the subsidiaries and VIEs&#8217; loss are presented as &#8220;Equity in loss of subsidiaries and VIEs&#8221; on the Condensed Statements of Comprehensive Loss. The parent company only condensed financial information should be read in conjunction with the Group&#8217; consolidated financial statements.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(a) Basis of presentation</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(b) Principles of consolidation</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The consolidated financial statements include the financial statements of the Company, its subsidiaries and the VIE for which the Company is the ultimate primary beneficiary.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors (the &#8220;Board&#8221;): to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, 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.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">All significant transactions and balances between the Company, its subsidiaries and the VIE have been eliminated upon consolidation. The non-controlling interests in consolidated subsidiaries are shown separately in the consolidated financial statements.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(c) Use of estimates</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The preparation of the consolidated financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group&#8217;s consolidated financial statements mainly include, but are not limited to, standalone selling price of each distinct performance obligation in revenue recognition, the valuation and recognition of share-based compensation arrangements, depreciable lives of property, equipment and software, assessment for impairment of long-lived assets, inventory valuation for excess and obsolete inventories, lower of cost and net realizable value of inventories, valuation of deferred tax assets as well as redemption value of the convertible redeemable preferred shares. Actual results could differ from those estimates.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(d) Functional currency and foreign currency translation</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group&#8217;s reporting currency is the Renminbi (&#8220;RMB&#8221;). The functional currency of the Company and its subsidiaries which are incorporated in HK is United States dollars (&#8220;US$&#8221;), except NIO Sport which operates mainly in United Kingdom and uses Great Britain pounds (&#8220;GBP&#8221;). The functional currencies of the other subsidiaries and the VIE are their respective local currencies. The determination of the respective functional currency is based on the criteria set out by ASC 830,&#160;<i>Foreign Currency Matters</i>.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Transactions denominated in currencies other than in the functional currency are translated into the functional currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign currency transactions are included in the consolidated statements of comprehensive loss.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The financial statements of the Group&#8217;s entities of which the functional currency is not RMB are translated from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Income and expense items are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in other comprehensive income/(loss) in the consolidated statements of comprehensive gain or loss, and the accumulated foreign currency translation adjustments are presented as a component of accumulated other comprehensive loss in the consolidated statements of shareholders&#8217; (deficit)/equity. Total foreign currency translation adjustment (gains)/losses were RMB(55,493), RMB124,374 and RMB20,786 for the years ended December 31, 2016, 2017 and 2018, respectively. The grant-date fair value of the Group&#8217;s share-based compensation expenses is reported in US$ as the respective valuation is conducted in US$ as the shares are denominated in US$.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(e) Convenience translation</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2018 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.8755, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2018. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2018, or at any other rate.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(f) Fair value</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Fair value is defined 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 either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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&#8217;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:</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 21.25pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 21.25pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Level 1&#8212;Quoted prices (unadjusted) in active markets for identical assets or liabilities.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 21.25pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 21.25pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Level 2&#8212;Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Level 3&#8212;Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, short-term investments, trade receivable, amounts due from related parties, prepayments and other current assets, trade payable, amounts due to related parties, short-term borrowings, taxes payable, accruals and other liabilities, long-term receivables and long-term borrowings. As of December 31, 2017 and 2018, the carrying values of these financial instruments except for long-term receivables and long-term borrowings are approximated to their fair values due to the short-term maturity of these instruments.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Below is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports on its consolidated balance sheets at fair value on a recurring basis.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Time deposits</i>. The Group values its time deposits held in certain bank accounts using quoted prices for securities with similar characteristics and other observable inputs, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 2.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Short-term borrowings</i>. The rates of interest under the loan agreements with the lending banks were determined based on the prevailing interest rates in the market. The Group classifies the valuation techniques that use these inputs as Level 2.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Short-term receivables and payables</i>. Trade receivable and prepayments and other current assets are financial assets with carrying values that approximate fair value due to their short term nature. Trade payable, accruals and other liabilities are financial liabilities with carrying values that approximate fair value due to their short term nature.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 21.3pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Prepayments and other assets in non-current assets</i>. Prepayments and other assets in non-current assets are financial assets with carrying values that approximates fair value due to the change in fair value after considering the discount rate. The Group estimated fair values of non-current prepayments and other assets using the discount cash flow method.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(g) Cash, cash equivalents and restricted cash</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Cash and cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less. The Group adopted ASU No. 2016-18, Statement of Cash Flows: Restricted Cash (Topic 230) for interim periods beginning after January 1, 2018, using a retrospective method to each period presented. The changes in restricted cash in the consolidated cash flow were RMB15,335, RMB9,564 and RMB65,641 for the years ended December 31, 2016, 2017 and 2018, respectively, which were no longer presented within investing activities and were retrospectively included in the changes of cash, cash equivalents and restricted cash as required.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Restricted cash is restricted to withdrawal for use or pledged as security is reported separately on the face of the Consolidated Balance Sheets, and is not included in the total cash and cash equivalents in the Consolidated Statements of Cash Flows. The Group&#8217;s restricted cash mainly represents (a) the secured deposits held in designated bank accounts for issuance of bank credit card; (b) time deposit that are pledged for property lease.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on our consolidated balance sheet as follows:</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31,<br />2017</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31<br />2018</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 337px;">Cash and cash equivalents</td> <td style="width: 5px;">&#160;</td> <td style="text-align: left; width: 5px;">&#160;</td> <td style="text-align: right; width: 83px;">7,505,954</td> <td style="text-align: left; width: 5px;">&#160;</td> <td style="width: 5px;">&#160;</td> <td style="text-align: left; width: 5px;">&#160;</td> <td style="text-align: right; width: 82px;">3,133,847</td> <td style="text-align: left; width: 4px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Restricted cash</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,606</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">57,012</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">Long-term restricted cash</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">14,293</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">33,528</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">7,530,853</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,224,387</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(h) Short-term investment</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Short-term investments consist primarily of investments in fixed deposits with maturities between three months and one year and investments in money market funds. As of December 31, 2017 and 2018, the investment in fixed deposits that were recorded as short-term investments amounted to nil and RMB5,154,703, respectively, among which, nil and RMB1,775,000 were restricted as collateral for bank borrowings and letter of guarantee.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(i) Account Receivable and Allowance for Doubtful Accounts</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Accounts receivable primarily include amounts of vehicle sales in relation of government subsidy to be collected from government on behalf of customers, current portion of battery installment and receivables due from vehicle users. The Group provides an allowance against accounts receivable to the amount we reasonably believe will be collected. The Group writes off accounts receivable when they are deemed uncollectible. No allowance for doubtful accounts were recognized for the years ended December 31, 2016, 2017 and 2018.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(j) Inventory</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the average basis and includes all costs to acquire and other costs to bring the inventories to their present location and condition. The Group records inventory write-downs for excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated cost to convert inventory on hand into a finished product. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">No inventory write-downs were recognized for the years ended December 31, 2016 and 2017 and 2018.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(k) Trading securities</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Trading securities are comprised of bonds and are all designated as trading securities as they have been acquired principally for the purpose of selling in the near term. They are recognized on the trade date, when the Group enters into contractual arrangements with counterparties, and are normally derecognized when sold. They are initially measured at fair value, with transaction costs taken to the statements of operations and comprehensive loss. Subsequent changes in their fair values and interest are recognized in the statements of comprehensive loss.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(l) Property, plant and equipment, net</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line basis. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the related assets.</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The estimated useful lives are as follows:</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 0.1in;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;">Useful lives</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 260px;">Building and constructions</td> <td style="width: 4px;">&#160;</td> <td style="text-indent: -0.1in; padding-left: 0.1in; width: 260px;">20 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Production facilities</td> <td>&#160;</td> <td style="text-indent: -0.1in; padding-left: 0.1in;">10 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Charging &amp; battery swap infrastructure</td> <td>&#160;</td> <td style="text-indent: -0.1in; padding-left: 0.1in;">5 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">R&amp;D equipment</td> <td>&#160;</td> <td style="text-indent: -0.1in; padding-left: 0.1in;">5 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Computer and electronic equipment</td> <td>&#160;</td> <td style="text-indent: -0.1in; padding-left: 0.1in;">3 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Purchased software</td> <td>&#160;</td> <td style="text-indent: -0.1in; padding-left: 0.1in;">3 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Leasehold improvements</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Shorter of the estimated useful life or remaining lease term</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 12pt;">Others</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">3 to 5 years</td> </tr> </table> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Depreciation for mold and tooling is computed using the units-of-production method whereby capitalized costs are amortized over the total estimated productive life of the related assets.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The cost of maintenance and repairs is expensed as incurred, whereas the cost of renewals and betterment that extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. Interest expense on outstanding debt is capitalized during the period of significant capital asset construction. Capitalized interest on construction-in-progress is included within property, plant and equipment and is amortized over the life of the related assets. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in the statements of comprehensive loss.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(m) Intangible assets, net</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Intangible assets are carried at cost less accumulated amortization and impairment, if any. Intangible assets are amortized using the straight-line method over the estimated useful lives as below:</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1pt; text-indent: 24.5pt; padding-left: 0.1in;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;">Useful lives</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 260px;">Domain names and others</td> <td style="width: 4px;">&#160;</td> <td style="width: 270px;">5 years</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 12pt;">License</td> <td>&#160;</td> <td>3 years</td> </tr> </table> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The estimated useful lives of amortized intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives have changed.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(n) Land use rights, net</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Land use rights are recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives which are 536 months and represent the shorter of the estimated usage periods or the terms of the agreements.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(o) Long-term investments</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of December 31, 2018, the Group&#8217;s long-term investments was accounted for using equity method. Investments in entities in which the Group can exercise significant influence and holds an investment in voting common stock or in-substance common stock (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323,&#160;<i>Investments&#8212;Equity Method and Joint Ventures</i>&#160;(&#8220;ASC 323&#8221;). Under the equity method, the Group initially records its investments at fair value. The Group subsequently adjusts the carrying amount of the investments to recognize the Group&#8217;s proportionate share of each equity investee&#8217;s net income or loss into earnings after the date of investment. The Group evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. The carrying value of the Group&#8217;s long-term investments measured under equity method was RMB47,125 and RMB148,303 as of December 31, 2017 and 2018, respectively. No impairment charge was recognized for the years ended December 31, 2016, 2017 and 2018.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(p) Impairment of long-lived assets</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 amount 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 by comparing 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 the years ended December 31, 2016, 2017 and 2018.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(q) Revenue recognition</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Revenue is recognized when or as the control of the goods or services is transferred to a customer. Depending on the terms of the contract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time. Control of the goods and services is transferred over time if the Group&#8217;s performance:</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: -19.6pt; margin: 0pt 0px 0pt 45.05pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 25.45pt;"></td> <td style="width: 19.6pt;">&#8226;</td> <td style="text-align: justify;">provides all of the benefits received and consumed simultaneously by the customer&#894;</td> </tr> </table> <table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 649px; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 25.45pt;"></td> <td style="width: 19.6pt;">&#8226;</td> <td style="text-align: justify;">creates and enhances an asset that the customer controls as the Group performs&#894; or</td> </tr> </table> <table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 25.45pt;"></td> <td style="width: 19.6pt;">&#8226;</td> <td style="text-align: justify;">does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.</td> </tr> </table> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">If control of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates revenue to each performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices based on the prices charged to customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin or adjusted market assessment approach, depending on the availability of observable information. Assumptions and estimations have been made in estimating the relative selling price of each distinct performance obligation, and changes in judgments on these assumptions and estimates may impact the revenue recognition.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">When either party to a contract has performed, the Group presents the contract in the statement of financial position as a contract asset or a contract liability, depending on the relationship between the entity&#8217;s performance and the customer&#8217;s payment.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">A contract asset is the Group&#8217;s right to consideration in exchange for goods and services that the Group has transferred to a customer. A receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only the passage of time is required before payment of that consideration is due.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers a good or service to the customer, the Group presents the contract liability when the payment is made, or a receivable is recorded (whichever is earlier). A contract liability is the Group&#8217;s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. The Group&#8217;s contract liabilities primarily resulted from the multiple performance obligations identified in the vehicle sales contract and the sales of Energy and Service Packages, which is recorded as deferred revenue and advance from customers.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Vehicle sales</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group generates revenue from sales of electric vehicles, currently the ES8, together with a number of embedded products and services through a series of contracts. The Group identifies the users who purchase the ES8 as its customers. There are multiple distinct performance obligations explicitly stated in a series of contracts including sales of ES8, charging piles, vehicle internet connection services and extended lifetime warranty which are accounted for in accordance with ASC 606. The standard warranty provided by the Group is accounted for in accordance with ASC 460, Guarantees, and the estimated costs are recorded as a liability when NIO transfers the control of ES8 to a user.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Customers only pay the amount after deducting the government subsidies to which they are entitled for the purchase of electric vehicles, which is applied on their behalf and collected by the Group or Jianghuai Automobile Group Co., Ltd. (&#8220;JAC&#8221;) from the government. The Group has concluded that government subsidies should be considered as a part of the transaction price it charges the customers for the electric vehicle, as the subsidy is granted to the buyer of the electric vehicle and the buyer remains liable for such amount in the event the subsidies were not received by the Group. For efficiency reason, the Group or JAC applies and collects the payment on a customer&#8217; behalf. In the instance that some eligible customer selects installment payment for battery, the Group believes such arrangement contains a significant financing component and as a result adjusts the amount considering the impact of time value on the transaction price using an appropriate discount rate (i.e. the interest rates of the loan reflecting the credit risk of the borrower). The long term receivable of installment payment for battery was recognized as non-current assets. The difference between the gross receivable and the present value is recorded as unrealized finance income. Interest income resulting from a significant financing component will be presented separately from revenue from contracts with customers as this is not the Group&#8217;s ordinary business.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group uses a cost plus margin approach to determine the estimated standalone selling price for each individual distinct performance obligation identified, considering the Group&#8217;s pricing policies and practices, and the data utilized in making pricing decisions. The overall contract price is then allocated to each distinct performance obligation based on the relative estimated standalone selling price in accordance with ASC 606. The revenue for sales of the ES8 and charging piles are recognized at a point in time when the control of the product is transferred to the customer. For the vehicle internet connection service, the Group recognizes the revenue using a straight-line method. As for the extended lifetime warranty, given limited operating history and lack of historical data, the Group decides to recognize the revenue over time based on a straight-line method initially, and will continue monitoring the cost pattern periodically and adjust the revenue recognition pattern to reflect the actual cost pattern as it becomes available.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As the consideration for the vehicle and all embedded services must be paid in advance, which means the payments received are prior to the transfer of goods or services by the Group, the Group records a contract liability (deferred revenue) for the allocated amount regarding those unperformed obligations.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Sales of Energy and Service Packages</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group also sells the two packages, Energy Package and Service Package in exchange of considerations. The Energy Package provides ES8 users with a comprehensive range of charging solutions (including charging and battery swapping). The energy service is applied by users on the mobile application depending on their needs and the Group can decide the most appropriate service to offer according to its available resource. Through the Service Package, the Group offers ES8 users with a &#8220;worry free&#8221; vehicle ownership experience (including free repair service with certain limitations, routine maintenance service, enhanced data package, etc.), which can be applied by user via mobile application.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group identifies the users who purchase Energy Package and Service Package meet the definition of a customer. The agreements for Energy Package and Service Package create legal enforceability to both parties on a monthly basis as the respective Energy or Service Packages can be canceled at any time without any penalty. The Group concludes the energy or service provided in Energy Package or Service Package respectively meets the stand-ready criteria and contains only one performance obligation within each package, the revenue is recognized overtime on a monthly basis as customer simultaneously receives and consumes the benefits provided and the term of legally enforced contract is only one month.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Incentives</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group offers a self-managed customer loyalty program points, which can be used in the Group&#8217;s online store and at NIO houses to redeem NIO merchandise. The Group determines the value of each points based on cost of the NIO merchandise that can be redeemed with points. Customers and NIO fans and advocates have a variety of ways to obtain the points. The major accounting policy for its points program is described as follows:</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(i) Sales of ES8 vehicle</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group concludes the points offered linked to the purchase transaction of the ES8 vehicle is a material right and accordingly a separate performance obligation according to ASC 606, and should be taken into consideration when allocating the transaction price of the ES8 sales. The Group also estimates the probability of points redemption when performing the allocation. Since historical information does not yet exist for the Group to determine any potential points forfeitures and the fact that most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Group believes it is reasonable to assume all points will be redeemed and no forfeiture is estimated currently. The amount allocated to the points as separate performance obligation is recorded as contract liability (deferred revenue) and revenue should be recognized when future goods or services are transferred. The Group will continue to monitor when and if forfeiture rate data becomes available and will apply and update the estimated forfeiture rate at each reporting period.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(ii) Sales of Energy Package</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Energy Package&#8212;When the customers charge their ES8 without using the Group&#8217;s charging network, the Group will grant points based on the actual cost the customers incur. The Group records the value of the points as a reduction of revenue from the Energy Package.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Since historical information does not yet exist for the Group to determine any potential points forfeiture and most merchandise can be redeemed without requiring a significant amount of points compared with the amount of points provided to users, the Group has used an estimated forfeiture rate of zero.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(iii) Other scenarios</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Customers or users of the mobile application can also obtain points through any other ways such as frequent sign-ins to the Group&#8217;s mobile application, sharing articles from the application to users&#8217; own social media. The Group believes these points are to encourage user engagement and generate market awareness. As a result, the Group accounts for such points as selling and marketing expenses with a corresponding liability recorded under other current liabilities of its consolidated balance sheets upon the points offering. The Group estimates liabilities under the customer loyalty program based on cost of the NIO merchandise that can be redeemed, and its estimate of probability of redemption. At the time of redemption, the Group records a reduction of inventory and other current liabilities. In certain cases where merchandise is sold for cash in addition to points, the Group records other revenue.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Similar to the reasons above, the Group estimates no points forfeiture currently and continues to assess when and if a forfeiture rate should be applied.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">For the years ended December 31, 2016, 2017 and 2018, the revenue portion allocated to the points as separate performance obligation was nil, nil and RMB47,310, respectively, which is recorded as contract liability (deferred revenue). For the years ended December 31, 2016, 2017 and 2018, the total points recorded as a reduction of revenue was nil, nil and RMB441, respectively. For the years ended December 31, 2016, 2017 and 2018, the total points recorded as selling and marketing expenses were nil, RMB16,460 and RMB153,057, respectively.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">As of December 31, 2017 and 2018, liabilities recorded related to unredeemed points were RMB16,460 and RMB143,868, respectively.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Practical expedients and exemptions</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle sales contracts and concludes that lifetime roadside assistance and out-of-town charging services are not performance obligations considering these two services are value-added services to enhance user experience rather than critical items for ES8 driving and forecasted that usage of these two services will be very limited. The Group also performs an estimation on the stand-alone fair value of each promise applying a cost plus margin approach and concludes that the standalone fair value of roadside assistance and out-of-town charging services are insignificant individually and in aggregate, representing less than 1% of ES8 gross selling price and aggregate fair value of each individual promises.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Considering the qualitative assessment and the result of the quantitative estimate, the Group concluded not to assess whether promises are performance obligation if they are immaterial in the context of the contract and the relative stand-alone fair value individually and in aggregate is less than 3% of the contract price, namely the road-side assistance and out-of-town charging services. Related costs are then accrued instead.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(r) Cost of Sales</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Vehicle</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Cost of vehicle revenue includes direct parts, material, processing fee, loss compensation to JAC, labor costs, manufacturing overhead (including depreciation of assets associated with the production), and reserves for estimated warranty expenses. Cost of vehicle revenue also includes adjustments to warranty expense and charges to write-down the carrying value of the inventory when it exceeds its estimated net realizable value and to provide for on-hand inventory that is either obsolete or in excess of forecasted demand.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>Service and Other</i></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Cost of service and other revenue includes direct parts, material, labor costs, vehicle internet connectivity costs, and depreciation of assets that are associated with sales of energy and service packages.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(s) Sales and marketing expenses</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Sales and marketing expenses consist primarily of marketing and promotional expenses, salaries and other compensation-related expenses to sales and marketing personnel. Advertising expenses consist primarily of costs for the promotion of corporate image and product marketing. The Group expenses all advertising costs as incurred and classifies these costs under sales and marketing expenses. For the years ended December 31, 2016, 2017 and 2018, advertising costs totalled RMB4,095, RMB63,427 and RMB218,060, respectively.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(t) Research and development expenses</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Certain costs associated with developing internal-use software are capitalized when such costs are incurred within the application development stage of software development. Other than that, all costs associated with research and development (&#8220;R&amp;D&#8221;) are expensed as incurred. R&amp;D expenses are primary comprised of charges for R&amp;D and consulting work performed by third parties; salaries, bonuses, share-based compensation, and benefits for those employees engaged in research, design and development activities; costs related to design tools; license expenses related to intellectual property, supplies and services; and allocated costs, including depreciation and amortization, rental fees, and utilities.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(u) General and administrative expenses</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">General and administrative expenses consist primarily of salaries, bonuses, share-based compensation and benefits for employees involved in general corporate functions and those not specifically dedicated to research and development activities, depreciation and amortization of fixed assets which are not used in research and development activities, legal and other professional services fees, rental and other general corporate related expenses.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(v) Employee benefits</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 and VIE of the Group make contributions to the government for these benefits based on certain percentages of the employees&#8217; salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB105,955, RMB231,070 and RMB517,787 for the years ended December 31, 2016, 2017 and 2018, respectively.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(w) Government grants</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group&#8217;s PRC based subsidiaries received government subsidies from certain local governments. The Group&#8217;s government subsidies consisted of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has provided for a specific purpose, such as product development and renewal of production facilities. Other subsidies are the subsidies that the local government has not specified its purpose for and are not tied to future trends or performance of the Group; receipt of such subsidy income is not contingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances. The Group recorded specific purpose subsidies as advances payable when received. For specific subsidies, upon government acceptance of the related project development or asset acquisition, the specific purpose subsidies are recognized to reduce related R&amp;D expenses or the cost of asset acquisition. Other subsidies are recognized as other income upon receipt as further performance by the Group is not required.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(x) Income taxes</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under the asset and liability method in accordance with ASC 740,&#160;<i>Income Tax</i>. Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis, and operating loss carry-forwards. Deferred 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 taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group records liabilities related to uncertain tax positions when, despite the Group&#8217;s belief that the Group&#8217;s tax return positions are supportable, the Group believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities. Accrued interest and penalties related to unrecognized tax benefits are classified as income tax expense. The Group did not recognize uncertain tax positions as of December&#160;31, 2017 and 2018.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(y) Share-based compensation</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company grants restricted shares and share options to eligible employees and non-employee consultants and accounts for share-based compensation in accordance with ASC 718, Compensation&#8212;<i>Stock Compensation&#160;</i>and ASC 505-50&#160;<i>Equity-Based Payments to Non-Employees</i>.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Employees&#8217; share-based compensation awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at the grant date if no vesting conditions are required; or b) for share options or restricted shares granted with only service conditions, using the straight-line vesting method, net of estimated forfeitures, over the vesting period; or c) for share options granted with service conditions and the occurrence of an IPO as performance condition, cumulative share-based compensation expenses for the options that have satisfied the service condition should be recorded upon the completion of the IPO, using the graded vesting method. This performance condition was met upon completion of the Company&#8217;s IPO on September 12, 2018 and the associated share-based compensation expense for awards vested as of that date were recognized; or d) for share options where the underlying share is liability within the scope of ASC 480, using the graded vesting method, net of estimated forfeitures, over the vesting period, and re-measuring the fair value of the award at each reporting period end until the award is settled.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Share-based compensation expenses for share options and restricted shares granted to non-employees are measured at fair value at the earlier of the performance commitment date or the date service is completed, and recognized over the period during which the service is provided. The Group applies the guidance in ASC 505-50 to measure share options and restricted shares granted to non-employees based on the then-current fair value at each reporting date.&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The fair value of the restricted shares were assessed using the income approaches / market approaches, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment required complex and subjective judgments regarding the Company&#8217;s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. In addition, the binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee and non-employee share option exercise behavior, risk-free interest rates and expected dividends. The fair value of these awards was determined taking into account independent valuation advice.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The assumptions used in share-based compensation expense recognition represent management&#8217;s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company for accounting purposes.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate pre-vesting options and records share-based compensation expenses only for those awards that are expected to vest.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(z) Comprehensive income/(loss)</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group applies ASC 220,&#160;<i>Comprehensive Income</i>, with respect to reporting and presentation of comprehensive loss and its components in a full set of financial statements. Comprehensive loss is defined to include all changes in equity of the Group during a period arising from transactions and other event and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the years presented, the Group&#8217;s comprehensive loss includes net loss and other comprehensive loss, which mainly consists of the foreign currency translation adjustment that have been excluded from the determination of net loss.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(aa) Leases</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Leases are classified at the inception date as either a capital lease or an operating lease. As the lessee, a lease is a capital lease if any of the following conditions exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property&#8217;s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt times new roman, times, serif;">All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. Payments made under operating lease to the lessors are charged to the consolidated statement of comprehensive loss on a straight-line basis over the lease period. Operating lease expenses recorded in the accompanying consolidated statements of comprehensive loss amounted to RMB102,020, RMB228,478 and RMB490,936 for the years ended December 31, 2016, 2017 and 2018, respectively.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(ab) Dividends</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2016, 2017 and 2018, respectively.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(ac) Earnings/(Loss) per share</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Basic earnings/(loss) per share is computed by dividing net income/(loss) attributable to holders of ordinary shares, considering the accretions to redemption value of the preferred shares, by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, as adjusted for the accretion and allocation of net income related to the preferred shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares using the if-converted method, unvested restricted shares, restricted share units and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>(ad) Segment reporting</i></b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">ASC 280,&#160;<i>Segment Reporting</i>, establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers.</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 24.5pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Based on the criteria established by ASC 280, the Group&#8217;s chief operating decision maker (&#8220;CODM&#8221;) has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. As a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group&#8217;s long-lived assets are substantially located in the PRC, no geographical segments are presented.</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap">Subsidiaries</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">Equity<br />interest&#160;held</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Place&#160;and&#160;date&#160;of&#160;incorporation</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>or&#160;date&#160;of acquisition</b></p> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap">Principal&#160;activities</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 784px; text-align: left; text-indent: -12pt; padding-left: 12pt;">NIO NextEV Limited (&#8220;NIO HK&#8221;) (formerly known as NextEV Limited)</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">100</td> <td style="width: 16px; text-align: left;">%</td> <td style="width: 15px;">&#160;</td> <td style="width: 266px;">Hong&#160;Kong,&#160;February 2015</td> <td style="width: 15px;">&#160;</td> <td style="width: 254px; text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Investment&#160;holding</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">NIO GmbH (formerly known as NextEV GmbH)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Germany, May 2015</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Design&#160;and&#160;technology development</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">NIO Co., Ltd. (&#8220;NIO SH&#8221;) (formerly known as NextEV Co., Ltd.)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Shanghai, PRC, May 2015</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Headquarter&#160;and technology development</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">NIO USA, Inc. (&#8220;NIO US&#8221;) (formerly known as NextEV USA, Inc.)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>United States, November 2015</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Technology development</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">XPT Limited (&#8220;XPT&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Hong Kong, December 2015</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Investment holding</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">NIO NextEV (UK) Limited (formerly known as NextEV (UK) Limited)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>United Kingdom, February 2016</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Marketing and technology development</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">NIO Sport Limited (&#8220;NIO Sport&#8221;) (formerly known as NextEV NIO Sport Limited)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Hong Kong, April 2016</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Racing management</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">XPT Technology Limited (&#8220;XPT Technology&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Hong Kong, April 2016</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Investment holding</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">XPT Inc. (&#8220;XPT US&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>United States, April 2016</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Technology&#160;development</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">XPT (Jiangsu) Investment Co., Ltd. (&#8220;XPT Jiangsu&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Jiangsu, PRC, May 2016</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Investment holding</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Shanghai XPT Technology Limited</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Shanghai, PRC, May 2016</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Technology development</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">XPT (Nanjing) E-Powertrain Technology Co., Ltd. (&#8220;XPT NJEP&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Nanjing, PRC, July 2016</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Manufacturing of E-Powertrain</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">XPT (Nanjing) Energy Storage System Co., Ltd. (&#8220;XPT NJES&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Nanjing, PRC, October 2016</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Manufacturing of battery pack</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">NIO Power Express Limited (&#8220;PE HK)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Hong Kong, January 2017</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Investment holding</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">NextEV User Enterprise Limited (&#8220;UE HK&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Hong Kong, February 2017</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Investment holding</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Shanghai NIO Sales and Services Co., Ltd. (&#8220;UE CNHC&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Shanghai, PRC, March 2017</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Investment holding and sales and after sales management</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">NIO Energy Investment (Hubei) Co., Ltd. (&#8220;PE CNHC&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Wuhan PRC, April 2017</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Investment holding</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Wuhan NIO Energy Co., Ltd. (&#8220;PE WHJV&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Wuhan, PRC, May 2017</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Investment holding</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">XTRONICS (Nanjing) Automotive Intelligent Technologies Co. Ltd. (&#8220;XPT NJWL&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">50</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Nanjing, PRC, June 2017</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Manufacturing of components</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">XPT (Jiangsu) Automotive Technology Co., Ltd. (&#8220;XPT AUTO&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td>Nanjing, PRC, May 2018</td> <td>&#160;</td> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Investment holding</td> </tr> </table> <p style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">&#160;</p> <p style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"><b>VIE and VIE&#8217;s subsidiaries</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"></p> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Economic<br />interest&#160;held</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"></p> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Place and Date of incorporation</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>or date of acquisition</b></p> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 768px; text-align: left; text-indent: -12pt; padding-left: 12pt;">Prime Hubs Limited (&#8220;Prime Hubs&#8221;)</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">100</td> <td style="width: 15px; text-align: left;">%</td> <td style="width: 15px;">&#160;</td> <td style="width: 559.14px; padding-left: 3.65pt;">BVI, October 2014</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">NIO Technology Co., Ltd. (&#8220;NIO SHTECH&#8221;) (formerly known as Shanghai NextEV Technology Co., Ltd.)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="padding-left: 3.65pt;">Shanghai, PRC, November 2014</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Beijing NIO Network Technology Co., Ltd. (&#8220;NIO BJTECH&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="padding-left: 3.65pt;">Beijing, PRC, July 2017</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Shanghai Anbin Technology Co., Ltd. (&#8220;NIO ABTECH&#8221;)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">100</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="padding-left: 3.65pt;">Shanghai, PRC, April 2018</td> </tr> </table> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 85%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31,<br />2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31<br />2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 969px;">Cash and cash equivalents</td><td style="width: 14px;">&#160;</td><td style="text-align: left; width: 14px;">&#160;</td><td style="text-align: right; width: 133px;">7,505,954</td><td style="text-align: left; width: 13px;">&#160;</td><td style="width: 13px;">&#160;</td><td style="text-align: left; width: 13px;">&#160;</td><td style="text-align: right; width: 133px;">3,133,847</td><td style="text-align: left; width: 13px;">&#160;</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Restricted cash</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">10,606</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">57,012</td><td style="text-align: left;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">Long-term restricted cash</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">14,293</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">33,528</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">7,530,853</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">3,224,387</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 0.1in;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;">Useful lives</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 724px;">Building and constructions</td><td style="width: 12px;">&#160;</td><td style="width: 501px;">20 years</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Production facilities</td><td>&#160;</td><td>10 years</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Charging &amp; battery swap infrastructure</td><td>&#160;</td><td>5 years</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">R&amp;D equipment</td><td>&#160;</td><td>5 years</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Computer and electronic equipment</td><td>&#160;</td><td>3 years</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Purchased software</td><td>&#160;</td><td>3 years</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt; vertical-align: top;">Leasehold improvements</td><td>&#160;</td><td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in;">Shorter of the estimated useful life or remaining lease term</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-indent: -12pt; padding-left: 12pt;">Others</td><td>&#160;</td><td style="text-align: left;">3 to 5 years</td></tr></table> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; padding-left: 0.1in;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;">Useful lives</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 724px;">Domain names and others</td><td style="width: 12px;">&#160;</td><td style="width: 501px;">5 years</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-indent: -12pt; padding-left: 12pt;">License</td><td>&#160;</td><td>3 years</td></tr></table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 97%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December 31,<br />2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1101px; text-align: left; text-indent: -12pt; padding-left: 12pt;">Raw materials</td><td style="width: 16px;">&#160;</td><td style="width: 16px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">44,061</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 15px;">&#160;</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">696,005</td><td style="width: 15px; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Work in process</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">22,262</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">6,727</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Finished Goods</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">723,591</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -12pt; padding-bottom: 1pt; padding-left: 12pt;">Merchandise</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">23,141</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">38,916</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Total</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">89,464</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,465,239</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31,<br />2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 912px;">Deductible VAT input</td><td style="width: 13px;">&#160;</td><td style="text-align: left; width: 13px;">&#160;</td><td style="text-align: right; width: 126px;">456,774</td><td style="text-align: left; width: 12px;">&#160;</td><td style="width: 12px;">&#160;</td><td style="text-align: left; width: 12px;">&#160;</td><td style="text-align: right; width: 125px;">1,018,766</td><td style="text-align: left; width: 12px;">&#160;</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Prepayment to vendors</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">185,401</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">333,367</td><td style="text-align: left;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="text-indent: -12pt; padding-left: 12pt;">Deposits</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">12,582</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">23,321</td><td style="text-align: left;">&#160;</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">Other receivables</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">19,668</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">138,803</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">674,425</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">1,514,257</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table> <table align="center" style="widows: 2; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0" > <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31,<br />2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 912px;">Construction in process</td> <td style="width: 13px;">&#160;</td> <td style="text-align: left; width: 13px;">&#160;</td> <td style="text-align: right; width: 126px;">1,016,643</td> <td style="text-align: left; width: 12px;">&#160;</td> <td style="width: 12px;">&#160;</td> <td style="text-align: left; width: 12px;">&#160;</td> <td style="text-align: right; width: 125px;">1,289,611</td> <td style="text-align: left; width: 12px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Mold and tooling</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,619</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,032,685</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Leasehold improvements</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">413,368</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">653,298</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Building and construction</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">481,121</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Charging &amp; battery swap infrastructure</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">470,506</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Production facilities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">134,080</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">456,569</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Computer and electronic equipment</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">178,534</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">393,931</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">R&amp;D equipment</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">173,741</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">320,362</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Purchased software</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">135,775</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">286,034</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">Others</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">77,681</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">146,869</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 12pt;">Subtotal</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,132,441</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,530,986</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">Less: Accumulated depreciation</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(221,428</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(677,829</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total property, plant and equipment, net</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,911,013</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">4,853,157</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">December 31, 2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">December 31, 2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="vertical-align: bottom;"><td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gross&#160;carrying<br />value</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Accumulated<br />amortization</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Net&#160;carrying<br />value</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Gross&#160;carrying<br />value</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Accumulated<br />amortization</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Net&#160;carrying<br />value</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 329px;">Domain names and others</td><td style="width: 16px;">&#160;</td><td style="text-align: left; width: 16px;">&#160;</td><td style="text-align: right; width: 157px;">4,230</td><td style="text-align: left; width: 16px;">&#160;</td><td style="width: 16px;">&#160;</td><td style="text-align: left; width: 16px;">&#160;</td><td style="text-align: right; width: 157px;">(1,017</td><td style="text-align: left; width: 16px;">)</td><td style="width: 16px;">&#160;</td><td style="text-align: left; width: 16px;">&#160;</td><td style="text-align: right; width: 157px;">3,213</td><td style="text-align: left; width: 16px;">&#160;</td><td style="width: 16px;">&#160;</td><td style="text-align: left; width: 16px;">&#160;</td><td style="text-align: right; width: 157px;">5,269</td><td style="text-align: left; width: 16px;">&#160;</td><td style="width: 15px;">&#160;</td><td style="text-align: left; width: 15px;">&#160;</td><td style="text-align: right; width: 156px;">(1,974</td><td style="text-align: left; width: 15px;">)</td><td style="width: 15px;">&#160;</td><td style="text-align: left; width: 15px;">&#160;</td><td style="text-align: right; width: 156px;">3,295</td><td style="text-align: left; width: 15px;">&#160;</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">License</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">3,199</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">(1,955</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">1,244</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">3,161</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">(2,986</td><td style="text-align: left; padding-bottom: 1pt;">)</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">175</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total intangible assets, net</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">7,429</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">(2,972</td><td style="text-align: left; padding-bottom: 2.5pt;">)</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">4,457</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">8,430</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">(4,960</td><td style="text-align: left; padding-bottom: 2.5pt;">)</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">3,470</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 97%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December&#160;31,<br />2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1101px; text-align: left; text-indent: -12pt; padding-left: 12pt;">Land use rights</td><td style="width: 16px;">&#160;</td><td style="width: 16px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">&#8212;</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 15px;">&#160;</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">216,489</td><td style="width: 15px; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-bottom: 1pt; padding-left: 12pt;">Less: Accumulated amortization&#8212;land use rights</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(2,827</td><td style="text-align: left; padding-bottom: 1pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Total land use rights, net</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">213,662</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 97%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December 31,<br />2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1101px; text-align: left; text-indent: -12pt; padding-left: 12pt;">Long-term deposits</td><td style="width: 16px;">&#160;</td><td style="width: 16px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">80,168</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 15px;">&#160;</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">616,199</td><td style="width: 15px; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Receivables of installment payments for battery</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">574,677</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Prepayments for purchase of property and equipment</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">50,882</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">159,341</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -12pt; padding-bottom: 1pt; padding-left: 12pt;">Others</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">91</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">62,613</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Total</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">131,141</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,412,830</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 97%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December 31,<br />2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1101px; text-align: left; text-indent: -12pt; padding-left: 12pt;">Payables for purchase of property and equipment</td><td style="width: 16px;">&#160;</td><td style="width: 16px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">410,726</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 15px;">&#160;</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">1,027,377</td><td style="width: 15px; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Payable for R&amp;D expenses</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">247,923</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">437,731</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Payables for marketing events</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">37,933</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">423,953</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Salaries and benefits payable</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">170,274</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">402,163</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Accrued expenses</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">199,087</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">308,486</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Advance from customers</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">68,439</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">233,767</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Current portion of deferred revenue</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">108,250</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Current portion of deferred construction allowance</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">87,330</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Investment deposit from investors</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">47,124</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -12pt; padding-left: 12pt;">Warranty</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">46,574</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Payables for traveling expenses</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">10,678</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">43,147</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Interest payables</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">24,320</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">2,584</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Non-recourse loan</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">55,028</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-bottom: 1pt; padding-left: 12pt;">Other payables</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">61,184</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">215,195</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Total</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,285,592</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,383,681</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 97%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December 31,<br />2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1101px; text-align: left; text-indent: -12pt; padding-left: 12pt;">Short-term borrowing</td><td style="width: 16px;">&#160;</td><td style="width: 16px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">28,787</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 15px;">&#160;</td><td style="width: 15px; text-align: left;">&#160;</td><td style="width: 150px; text-align: right;">1,870,000</td><td style="width: 15px; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Current portion of long-term borrowings</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">-</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">198,852</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Long-term borrowings:</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">&#160;</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">&#160;</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 7.05pt; padding-left: 12pt;">Bank loan</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">454,901</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">766,592</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: 7.05pt; padding-bottom: 1pt; padding-left: 12pt;">Loan from joint investor</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">187,500</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">401,420</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Total</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">671,188</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,236,864</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 85%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 26.5pt; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">December 31,<br />2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td>&#160;</td><td style="text-align: right;" colspan="2" nowrap="nowrap">&#160;</td><td>&#160;</td><td>&#160;</td><td style="text-align: right;" colspan="2" nowrap="nowrap">&#160;</td><td>&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1311px; text-align: left; text-indent: -12pt; padding-left: 12pt;">Deferred government grants</td><td style="width: 18px;">&#160;</td><td style="width: 18px; text-align: left;">&#160;</td><td style="width: 180px; text-align: right;">30,416</td><td style="width: 18px; text-align: left;">&#160;</td><td style="width: 18px;">&#160;</td><td style="width: 17px; text-align: left;">&#160;</td><td style="width: 179px; text-align: right;">351,896</td><td style="width: 17px; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Deferred revenue</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">&#8212;</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">193,524</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: -12pt; padding-left: 12pt;">Warranty</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">&#8212;</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">130,719</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Rental payable</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">48,926</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">129,995</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -12pt; padding-bottom: 1pt; padding-left: 12pt;">Deferred construction allowance</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">61,771</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">124,678</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Total</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">141,113</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">930,812</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10"><b>For the Year Ended December 31,</b></td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 705px; text-align: left; text-indent: -12pt; padding-left: 12pt;">Vehicle sales</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 236px; text-align: right;">&#8212;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 235px; text-align: right;">&#8212;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 235px; text-align: right;">4,852,470</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Sales of charging pile</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">82,184</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -12pt; padding-left: 12pt;">Sales of Packages</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">10,220</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -12pt; padding-bottom: 1pt; padding-left: 12pt;">Others</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">6,297</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">4,951,171</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10"><b>For the Year Ended December 31</b></td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">Deferred revenue &#8211; beginning of year</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 705px; text-indent: -12pt; padding-left: 12pt;">Additions</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 236px; text-align: right;">&#8212;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 235px; text-align: right;">&#8212;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 235px; text-align: right;">384,116</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -12pt; padding-bottom: 1pt; padding-left: 12pt;">Recognition</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(82,342</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -12pt; padding-bottom: 2.5pt; padding-left: 12pt;">Deferred revenue &#8211; end of year</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">301,774</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 1195px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 1in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10"><font style="font-family: times new roman,times;" size="2">Year Ended December&#160;31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 534px;"><font style="font-family: times new roman,times;" size="2">Employee compensation</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 180px;"><font style="font-family: times new roman,times;" size="2">451,284</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 180px;"><font style="font-family: times new roman,times;" size="2">1,004,835</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 11px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 179px;"><font style="font-family: times new roman,times;" size="2">1,850,886</font></td> <td style="text-align: left; width: 11px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Design and development expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">948,753</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,455,297</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,827,980</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Travel and entertainment expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">27,085</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">60,622</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">104,949</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Depreciation and amortization expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">7,819</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">38,940</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">103,427</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Rental and related expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">10,485</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">12,367</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">33,105</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Others</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">19,927</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">30,828</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">77,595</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Total</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,465,353</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,602,889</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">3,997,942</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 1195px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 1in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Year Ended December&#160;31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 534px;"><font style="font-family: times new roman,times;" size="2">Employee compensation</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 180px;"><font style="font-family: times new roman,times;" size="2">473,302</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 180px;"><font style="font-family: times new roman,times;" size="2">929,928</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 11px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 179px;"><font style="font-family: times new roman,times;" size="2">2,256,455</font></td> <td style="text-align: left; width: 11px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Marketing and promotional expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">239,549</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">523,535</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,158,519</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Professional services</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">133,368</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">238,740</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">578,469</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Rental and related expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">91,535</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">216,111</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">450,113</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Depreciation and amortization expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">38,268</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">128,918</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">249,765</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Travel and entertainment expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">32,572</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">71,278</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">197,187</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">IT consumable, office supply and other low value consumable</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">21,621</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">114,668</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">167,323</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Others</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">106,972</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">127,529</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">283,959</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font style="font-family: times new roman,times;" size="2">Total</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,137,187</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,350,707</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">5,341,790</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series A-1 &amp; A-2</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series A-3</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series B</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series C</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series D</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 139.4px; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;"><font style="font-size: 8pt;">Balances as of January&#160;1, 2016</font></td> <td style="width: 14px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 76px; text-align: right;"><font style="font-size: 8pt;">295,000,000</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 76px; text-align: right;"><font style="font-size: 8pt;">1,340,034</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">24,210,431</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 76px; text-align: right;"><font style="font-size: 8pt;">276,695</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 78px; text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 78px; text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 78px; text-align: right;"><font style="font-size: 8pt;">319,210,431</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 48px; text-align: right;"><font style="font-size: 8pt;">1,616,729</font></td> <td style="width: 3px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Proceeds from Series A-1 Preferred Shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">401,478</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">401,478</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Issuance of preferred shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">102,144,675</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">1,862,134</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">102,144,675</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">1,862,134</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;"><font style="font-size: 8pt;">Accretion on convertible redeemable preferred shares to redemption value</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">798,481</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">29,983</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">152,769</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">981,233</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in; font-weight: bold;"><font style="font-size: 8pt;">Balances as of December&#160;31, 2016</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">295,000,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">2,539,993</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">24,210,431</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">306,678</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">102,144,675</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">2,014,903</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">421,355,106</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">4,861,574</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Proceeds from Series A-1 Preferred Shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">266,511</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">266,511</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Issuance of preferred shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">12,722,646</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">240,066</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">166,205,830</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">4,398,313</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">213,585,003</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">7,314,387</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">392,513,479</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">11,952,766</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;"><font style="font-size: 8pt;">Accretion on convertible redeemable preferred shares to redemption value</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">2,205,227</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">120,451</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">40,011</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">56,283</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">154,963</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">2,576,935</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in; font-weight: bold;"><font style="font-size: 8pt;">Balances as of December 31, 2017</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">295,000,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">5,011,731</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">24,210,431</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">427,129</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">114,867,321</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">2,294,980</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">166,205,830</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">4,454,596</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">213,585,003</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">7,469,350</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">813,868,585</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">19,657,786</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series A-1 &amp; A-2</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series A-3</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series B</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series C</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Series D</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Total</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number of</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>shares</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 8pt;"><b>(RMB)</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 137.4px; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;"><font style="font-size: 8pt;">Balances as of December&#160;31, 2017</font></td> <td style="width: 14px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">295,000,000</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 76px; text-align: right;"><font style="font-size: 8pt;">5,011,731</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 76px; text-align: right;"><font style="font-size: 8pt;">24,210,431</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 76px; text-align: right;"><font style="font-size: 8pt;">427,129</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">114,867,321</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">2,294,980</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">166,205,830</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">4,454,596</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 78px; text-align: right;"><font style="font-size: 8pt;">213,585,003</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 77px; text-align: right;"><font style="font-size: 8pt;">7,469,350</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 78px; text-align: right;"><font style="font-size: 8pt;">813,868,585</font></td> <td style="width: 15px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 14px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="width: 52px; text-align: right;"><font style="font-size: 8pt;">19,657,786</font></td> <td style="width: 4px; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Issuance of Series A-3 Preferred Shares (note 24(c))</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">7,509,933</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">7,509,933</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Proceeds from Series D Preferred Shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">78,651</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">78,651</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Accretion on convertible redeemable preferred shares to redemption value</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">7,091,163</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">565,979</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">2,417,979</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">2,375,943</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">1,216,227</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">13,667,291</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Conversion of Series A-1 and A-2 Preferred Shares to Ordinary shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(295,000,000</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(12,102,894</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(295,000,000</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(12,102,894</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Conversion of Series A-3 Preferred Shares to Ordinary shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(31,720,364</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(993,108</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(31,720,364</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(993,108</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Conversion of Series B Preferred Shares to Ordinary shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(114,867,321</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(4,712,959</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(114,867,321</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(4,712,959</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-size: 8pt;">Conversion of Series C Preferred Shares to Ordinary shares</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(166,205,830</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(6,830,539</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(166,205,830</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> <td><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right;"><font style="font-size: 8pt;">(6,830,539</font></td> <td style="text-align: left;"><font style="font-size: 8pt;">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;"><font style="font-size: 8pt;">Conversion of Series D Preferred Shares to Ordinary shares</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">(213,585,003</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">(8,764,228</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">(213,585,003</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td> <td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-size: 8pt;">(8,764,228</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 8pt;">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in; font-weight: bold;"><font style="font-size: 8pt;">Balances as of December 31, 2018</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-size: 8pt;">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-size: 8pt;">&#160;</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 956px;">Cost of sales</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">&#8212;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">&#8212;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 156px; text-align: right;">9,289</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Research and development expenses</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">14,484</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">23,210</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">109,124</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt;">Selling, general and administrative expenses</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">62,200</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">67,086</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">561,055</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">76,684</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">90,296</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">679,468</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif; margin-left: 0.5in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;" nowrap="nowrap">Employees</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Number&#160;of&#160;Shares</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Outstanding</b></p> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Weighted&#160;Average</b></p> <p style="text-align: center; margin: 0px; font: 10pt times new roman, times, serif;"><b>Grant&#160;Date&#160;Fair&#160;Value</b></p> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="width: 64%;">Unvested as of December&#160;31, 2015</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 15%;">13,450,000</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 15%;">0.72</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Vested</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(3,362,500</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.72</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Forfeited</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,687,500</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.72</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Unvested as of December&#160;31, 2016</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,400,000</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">0.72</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-left: 9pt;">Granted</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,000,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.05</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Vested</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(3,133,329</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.84</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Forfeited</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(208,333</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">0.72</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Unvested as of December&#160;31, 2017</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">7,058,338</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1.04</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Vested</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(7,058,338</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1.04</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Unvested as of December&#160;31, 2018</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 90%; margin-left: 0.5in; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" nowrap="nowrap">Non-Employees</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal;"><b>Number&#160;of&#160;Shares</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal;"><b>Outstanding</b>&#160;&#160;</p> </td> <td style="text-align: center; padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal;"><b>Weighted&#160;Average</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal;"><b>Grant&#160;Date&#160;Fair&#160;Value</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 903px;">Unvested as of December&#160;31, 2015</td> <td style="width: 15px;">&#160;</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 211px; text-align: right;">2,950,000</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 211px; text-align: right;">1.25</td> <td style="width: 14px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Vested</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(2,950,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1.25</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Unvested as of December&#160;31, 2016, 2017 and 2018</td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#8212;</td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#8212;</td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 90%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Number&#160;of&#160;Restricted</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Shares Outstanding</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Weighted&#160;Average</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Grant&#160;Date&#160;Fair&#160;Value</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Unvested at December&#160;31, 2015</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 1032px; padding-left: 9pt;">Granted</td> <td style="width: 14px;">&#160;</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 141px; text-align: right;">3,103,809</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 14px;">&#160;</td> <td style="width: 14px; text-align: left;">&#160;</td> <td style="width: 141px; text-align: right;">0.96</td> <td style="width: 14px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-left: 9pt;">Vested</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(960,958</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.96</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Forfeited</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(305,464</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">0.96</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt;">Unvested at December&#160;31, 2016</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,837,387</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">0.96</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-left: 9pt;">Vested</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(470,015</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.96</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Forfeited</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(254,395</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">0.96</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2.5pt;">Unvested at December&#160;31, 2017</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1,112,977</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">0.96</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-left: 9pt;">Vested</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(608,406</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.96</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Forfeited</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(63,058</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">0.96</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt;">Unvested at December&#160;31, 2018</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">441,513</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">0.96</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="text-align: center; widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 85%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 1pt;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Number&#160;of&#160;Restricted<br />Shares Outstanding</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 1pt; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted&#160;Average<br />Grant&#160;Date&#160;Fair&#160;Value</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;" colspan="2" nowrap="nowrap">&#160;&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Unvested at December&#160;31, 2017</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 0.5in; width: 880px;">Granted</td> <td style="width: 13px;">&#160;</td> <td style="text-align: left; width: 13px;">&#160;</td> <td style="text-align: right; width: 126px;">509,001</td> <td style="text-align: left; width: 12px;">&#160;</td> <td style="width: 12px;">&#160;</td> <td style="text-align: left; width: 12px;">&#160;</td> <td style="text-align: right; width: 125px;">6.72</td> <td style="text-align: left; width: 12px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 1pt; text-indent: -12pt; padding-left: 0.5in;">Vested</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(445,104</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">6.74</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: -12pt; padding-left: 12pt;">Unvested at December&#160;31, 2018</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">63,897</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6.60</td> <td style="text-align: left;">&#160;</td> </tr> </table> <div>&#160;</div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Number of</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Options</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Outstanding</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Weighted</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Average</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Exercise</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Price</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Weighted</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Average</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Remaining</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Contractual&#160;Life</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Aggregate</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Intrinsic</b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Value</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">In Years</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Outstanding as of December&#160;31, 2015</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 741px; padding-left: 9pt;">Granted</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">53,576,606</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">0.32</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 156px; text-align: right;">&#8212;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 156px; text-align: right;">&#8212;</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-left: 9pt;">Cancelled</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(945,346</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.39</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Expired</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(7,706</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">0.10</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt;">Outstanding as of December&#160;31, 2016</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">52,623,554</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">0.32</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">8.30</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">51,506</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-left: 9pt;">Granted</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">13,460,477</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.46</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-left: 9pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,723,540</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.39</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-left: 9pt;">Cancelled</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(5,236,562</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.44</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Expired</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(348,015</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">0.25</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 2.5pt;">Outstanding as of December&#160;31, 2017</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">57,775,914</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">0.57</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">8.52</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">114,299</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-left: 9pt;">Granted</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">47,216,792</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.79</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-left: 9pt;">Exercised</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(7,732,317</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.40</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-left: 9pt;">Cancelled</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(5,498,453</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.17</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-bottom: 1pt; padding-left: 9pt;">Expired</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">(687,796</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">0.62</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt;">Outstanding as of December&#160;31, 2018</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">91,074,140</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">1.69</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">8.23</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">425,988</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Vested and expected to vest as of December&#160;31, 2016</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">50,782,627</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">49,245</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Exercisable as of December&#160;31, 2016</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,297,535</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,336</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Vested and expected to vest as of December&#160;31, 2017</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">55,832,678</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">107,299</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Exercisable as of December&#160;31, 2017</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5,089,894</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">11,070</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Vested and expected to vest as of December&#160;31, 2018</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">99,702,386</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">467,127</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Exercisable as of December&#160;31, 2018</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">32,959,964</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">185,787</td> <td style="text-align: left;">&#160;</td> </tr> </table> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Exercise price (US$)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.10-0.61</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.61-2.55</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.10 - 6.74</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Fair value of the ordinary shares on the date of option grant (US$)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.96-1.30</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.30-2.55</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3.38 - 6.74</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Risk-free interest rate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.46%-1.78</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.31%-2.40</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.74% - 3.15</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 862px; text-align: left;">Expected term (in years)</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 189px; text-align: right;">10</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 188px; text-align: right;">10</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 188px; text-align: right;">7 - 10</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Expected dividend yield</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Expected volatility</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">54</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">51%-52</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">47% - 51</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Expected forfeiture rate (post-vesting)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">5% - 8</td> <td style="text-align: left;">%</td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 956px;">Exercise price</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">1.83</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">1.82</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 156px; text-align: right;">1.74</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Fair value of the Preferred Shares on the measurement date</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1.80</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.70</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4.54</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Risk-free interest rate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Remaining life (in years)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4.75</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3.64</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0.26</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Expected dividend yield</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">0</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Expected volatility</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;"><font style="font-size: 10pt;">47-51</font></td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;"><font style="font-size: 10pt;">47-48</font></td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;"><font style="font-size: 10pt;">43%-44</font></td> <td style="text-align: left;">%</td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 956px; text-align: left;">United States</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">42.84</td> <td style="width: 16px; text-align: left;">%</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 157px; text-align: right;">42.84</td> <td style="width: 16px; text-align: left;">%</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 156px; text-align: right;">29.84</td> <td style="width: 15px; text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">United Kingdom</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">20.00</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">19.25</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">19.00</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Germany</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">32.98</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">32.98</td> <td style="text-align: left;">%</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">32.98</td> <td style="text-align: left;">%</td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap">For the Year Ended December 31,</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap">&#160;</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2017</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2018</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 956px; text-align: left; padding-bottom: 2.5pt;">Current income tax expense</td> <td style="width: 16px; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">4,314</td> <td style="width: 16px; text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 16px; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">7,906</td> <td style="width: 16px; text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 15px; padding-bottom: 2.5pt;">&#160;</td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="width: 156px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">22,044</td> <td style="width: 15px; text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 1238px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.75in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif;"><font style="font-family: times new roman,times;" size="2"><b>For the</b></font></p> <p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif;"><font style="font-family: times new roman,times;" size="2"><b>Year Ended December 31,</b></font></p> </td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 746px;"><font style="font-family: times new roman,times;" size="2">Loss before income tax expense</font></td> <td style="width: 13px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 13px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 124px;"><font style="font-family: times new roman,times;" size="2">(2,568,940</font></td> <td style="text-align: left; width: 13px;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="width: 13px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 123px;"><font style="font-family: times new roman,times;" size="2">(5,013,268</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 123px;"><font style="font-family: times new roman,times;" size="2">(9,616,935</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Income tax expense computed at PRC statutory income tax rate of 25%</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(642,235</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(1,253,318</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(2,404,234</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Non-deductible expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">91,915</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">91,093</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">96,684</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Foreign tax rates differential</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">52,495</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(74,531</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">167,180</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Additional 50% tax deduction for qualified research and development expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(46,527</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(93,513</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(216,993</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Tax exempted interest income</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(52</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(845</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(10,377</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Effect of U.S. tax law change</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">165,898</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">US tax credits</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(5,716</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(52,185</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(42,781</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Prior year adjustments</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">3,594</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(10,293</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">(1,422</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Tax benefit not utilized</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">550,840</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,235,600</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,433,987</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Income tax expense</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">4,314</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">7,906</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">22,044</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 1407px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">As of December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Deferred tax assets</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 859px;"><font style="font-family: times new roman,times;" size="2">Net operating loss carry-forwards</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">567,844</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">1,620,535</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">3,777,696</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Accrued and prepaid expenses</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">39,174</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">84,320</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">255,240</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Advertising expenses in excess of deduction limit</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">9,118</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">65,737</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">14,234</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Tax credit carry-forwards</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">13,735</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">60,624</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">117,801</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Property, plant and equipment, net</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">28,849</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">27,463</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">17,467</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Deferred rent</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">9,478</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">8,699</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">36,729</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Deferred Revenue</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">2,411</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">83,877</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Unrealized financing cost</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">41,939</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Intangible assets</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,643</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">7,104</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">15,687</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Share-based compensation</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">637</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">4,106</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">8,962</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">Unrealized foreign exchange loss</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">55</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">55</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">Total deferred tax assets</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">672,889</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,878,643</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">4,369,687</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">Less: Valuation allowance</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">(672,889</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">(1,878,643</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">)</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">(4,369,687</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">)</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">Total deferred tax assets, net</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 1407px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">As of December&#160;31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">Valuation allowance</font></td> <td style="font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 859px;"><font style="font-family: times new roman,times;" size="2">Balance at beginning of the year</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">672,889</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 140px;"><font style="font-family: times new roman,times;" size="2">1,878,643</font></td> <td style="text-align: left; width: 14px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">Additions</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">672,889</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,205,754</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,491,044</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">Balance at end of the year</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">672,889</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">1,878,643</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">4,369,687</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 1195px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.5in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 1040px;"><font style="font-family: times new roman,times;" size="2">Loss expiring in 2019</font></td> <td style="width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; width: 12px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; width: 120px;"><font style="font-family: times new roman,times;" size="2">4</font></td> <td style="text-align: left; width: 11px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Loss expiring in 2020</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">186,827</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Loss expiring in 2021</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">1,335,168</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">Loss expiring in 2022</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">3,098,425</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">Loss expiring in 2023</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-family: times new roman,times;" size="2">6,931,086</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">Total</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font-family: times new roman,times;" size="2">11,551,510</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 95%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">Numerator:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 898.4px; text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Net loss</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 149px; text-align: right;">(2,573,254</td> <td style="width: 15px; text-align: left;">)</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 149px; text-align: right;">(5,021,174</td> <td style="width: 15px; text-align: left;">)</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 148px; text-align: right;">(9,638,979</td> <td style="width: 14px; text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Accretion on convertible redeemable preferred shares to redemption value</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(981,233</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,576,935</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(13,667,291</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;">Accretion on redeemable non-controlling interests to redemption value</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(63,297</td> <td style="text-align: left;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Net loss attributable to non-controlling interests</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">36,938</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">36,440</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">41,705</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;">Net loss attributable to ordinary shareholders of NIO Inc. for basic/dilutive net loss per share</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(3,517,549</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(7,561,669</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(23,327,862</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">Denominator:</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;">Weighted-average number of ordinary shares outstanding &#8212; basic and diluted</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">16,697,527</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">21,801,525</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">332,153,211</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;">Basic and diluted net loss per share attributable to ordinary shareholders of NIO Inc.</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(210.66</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(346.84</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">(70.23</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>(i) Provision of service</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">For the Year Ended December 31,</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 946.4px; text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Shanghai NIO Hongling Investment Management Co., Ltd.</font></td> <td style="width: 16px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 156px; text-align: right;"><font style="font-family: times new roman,times;" size="2">2,707</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Shanghai Weishang Business Consulting Co.,Ltd.</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">905</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Hubei Changjiang Nextev New Energy Investment Management Co.,Ltd.</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">11,121</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Beijing CHJ Information Technology Co., Ltd.</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">4,588</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Hubei Changjiang Nextev New Energy Industry Development Capital Partnership (Limited Partnership)</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">4,015</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Jiangsu Xindian Automotive Co., Ltd.</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">1,785</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">21,509</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">3,612</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>&#160;</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>(ii) Acceptance of marketing and advertising service</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">For the Year Ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 946.4px; text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Beijing Xinyi Hudong Guanggao Co., Ltd.</font></td> <td style="width: 16px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">8,021</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 156px; text-align: right;"><font style="font-family: times new roman,times;" size="2">28,245</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Beijing Chehui Hudong Guanggao Co., Ltd.</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">544</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">6,915</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Bite Shijie (Beijing) Keji Co., Ltd.</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">6,987</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right;"><font style="font-family: times new roman,times;" size="2">2,865</font></td> <td style="text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -0.1in; padding-bottom: 1pt; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">Beijing Bitauto Information Technology Co., Ltd.</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">32</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -0.1in; padding-bottom: 2.5pt; padding-left: 0.1in;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">15,552</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">38,057</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>&#160;</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>(iii) Loan to related party</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p> <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; width: 61%;">NIO Capital</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">&#8212;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">&#8212;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="width: 1%;">&#160;</td> <td style="text-align: left; width: 1%;">&#160;</td> <td style="text-align: right; width: 10%;">66,166</td> <td style="text-align: left; width: 1%;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd.</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">50,000</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">50,000</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">66,166</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 24.5pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>(iv) Cost of manufacturing consignment</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">For the Year Ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 956px; text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">Suzhou Zenlead XPT New Energy Technologies Co.,Ltd.</font></td> <td style="width: 16px; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="width: 16px; text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">18,324</font></td> <td style="width: 16px; text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 156px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">132,152</font></td> <td style="width: 15px; text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>&#160;</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>(v) Purchase of property and equipment</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">For the Year Ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 956px; text-align: left;"><font style="font-family: times new roman,times;" size="2">Kunshan Siwopu Intelligent Equipment Co., Ltd.</font></td> <td style="width: 16px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 156px; text-align: right;"><font style="font-family: times new roman,times;" size="2">11,107</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">Bite Shijie (Beijing) Keji Co., Ltd.</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">2,960</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">2,960</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">11,107</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>&#160;</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>(vi) Interest payable on behalf of related party</i></font></p> <div style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></div> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">For the Year Ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 956px; text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">Baidu Capital L.P.</font></td> <td style="width: 16px; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="width: 16px; text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">21,671</font></td> <td style="width: 16px; text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 156px; text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">8,065</font></td> <td style="width: 15px; text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>&#160;</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><i>(vii) Acceptance of R&amp;D and maintenance service</i></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">For the Year Ended December 31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2016</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font style="font-family: times new roman,times;" size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 956px; text-align: left;"><font style="font-family: times new roman,times;" size="2">Suzhou Zenlead XPT New Energy Technologies Co.,Ltd.</font></td> <td style="width: 16px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 157px; text-align: right;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="width: 16px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="width: 156px; text-align: right;"><font style="font-family: times new roman,times;" size="2">14,776</font></td> <td style="width: 15px; text-align: left;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">Kunshan Siwopu Intelligent Equipment Co., Ltd.</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: times new roman,times;" size="2">2,436</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font style="font-family: times new roman,times;" size="2">17,212</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td> </tr> </table> <div>&#160;<b>&#160;</b></div> <div> <p style="margin: 0px 0px 0px 24.45pt; font: 10pt times new roman, times, serif;"><i>(viii) Payment on behalf of related party</i> <b>&#160;</b></p> <p style="text-align: left; margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;"><b>&#160;</b></p> <p style="text-align: center; text-indent: 0pt; margin: 0px; font: 10pt times new roman, times, serif;"></p> <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="10">For the Year Ended December 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2016</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2017</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2018</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; width: 61%; font-size: 10pt;">Nanjing Weibang Transmission Technology Co., Ltd.</td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 2.5pt; width: 1%; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 10%; font-size: 10pt;">2,790</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%; font-size: 10pt;">&#160;</td> </tr> </table> </div> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(i) Amounts due from related parties</i></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif;"><b>December&#160;31,</b></p> <p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif;"><b>2017</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif;"><b>December 31,</b></p> <p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif;"><b>2018</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 1160px;">Ningbo Meishan Bonded Port Area Weilan Investment Co., Ltd.</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="text-align: right; width: 157px;">50,000</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="text-align: right; width: 156px;">50,000</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">NIO Capital</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">34,316</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Kunshan Siwopu Intelligent Equipment Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,970</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Nanjing Weibang Transmission Technology Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2,790</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Shanghai Weilan Hongling Investment Management Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">960</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Baidu Capital L.P.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">21,671</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Beijing CHJ Information Technology Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,624</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Bin Li</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,680</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Jiangsu Xindian Automotive Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,627</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Hubei Changjiang Nextev New Energy Investment Management Co., Ltd.</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">954</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">79,556</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">96,036</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>&#160;</i></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><i>(ii) Amounts due to related parties</i></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif;"><b>December&#160;31,</b></p> <p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif;"><b>2017</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"> <p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif;"><b>December 31,</b></p> <p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif;"><b>2018</b></p> </td> <td style="padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; width: 1160px;">Suzhou Zenlead XPT New Energy Technologies Co., Ltd.</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="text-align: right; width: 157px;">19,466</td> <td style="text-align: left; width: 16px;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="text-align: left; width: 15px;">&#160;</td> <td style="text-align: right; width: 156px;">210,868</td> <td style="text-align: left; width: 15px;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Beijing Chehui Hudong Guanggao Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">576</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">4,085</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Beijing Xinyi Hudong Guanggao Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">400</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,530</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Kunshan Siwopu Intelligent Equipment Co., Ltd.</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">761</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left;">Bite Shijie (Beijing) Keji Co., Ltd. .</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">339</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Bin Li</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">14,289</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Lihong Qin</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">5,338</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">40,069</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">219,583</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> <div><table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31,<br />2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 1144px;">Property and equipment</td><td style="width: 16px;">&#160;</td><td style="text-align: left; width: 16px;">&#160;</td><td style="text-align: right; width: 157px;">1,250,612</td><td style="text-align: left; width: 16px;">&#160;</td><td style="width: 16px;">&#160;</td><td style="text-align: left; width: 15px;">&#160;</td><td style="text-align: right; width: 156px;">1,454,031</td><td style="text-align: left; width: 15px;">&#160;</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">Leasehold improvements</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">470,600</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">149,551</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">1,721,212</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">1,603,582</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table></div> <div><table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td nowrap="nowrap">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December&#160;31,<br />2017</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31,<br />2018</td><td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 1144px;">Within one year</td><td style="width: 16px;">&#160;</td><td style="text-align: left; width: 16px;">&#160;</td><td style="text-align: right; width: 157px;">233,486</td><td style="text-align: left; width: 16px;">&#160;</td><td style="width: 16px;">&#160;</td><td style="text-align: left; width: 15px;">&#160;</td><td style="text-align: right; width: 156px;">393,734</td><td style="text-align: left; width: 15px;">&#160;</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">1 to 2 years</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">261,846</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">457,892</td><td style="text-align: left;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="text-align: left; text-indent: -12pt; padding-left: 12pt;">2 to 3 years</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">278,278</td><td style="text-align: left;">&#160;</td><td>&#160;</td><td style="text-align: left;">&#160;</td><td style="text-align: right;">444,909</td><td style="text-align: left;">&#160;</td></tr><tr style="background-color: white; vertical-align: bottom;"><td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;">More than 3 years</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">912,356</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td><td style="padding-bottom: 1pt;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td><td style="border-bottom: black 1pt solid; text-align: right;">1,091,911</td><td style="text-align: left; padding-bottom: 1pt;">&#160;</td></tr><tr style="background-color: #cceeff; vertical-align: bottom;"><td style="padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;">Total</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">1,685,966</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td><td style="padding-bottom: 2.5pt;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td><td style="border-bottom: black 2.5pt double; text-align: right;">2,388,446</td><td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td></tr></table></div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; font-size-adjust: none; font-stretch: normal;"><font size="2"><b><i>Condensed Balance Sheets</i></b></font></p> <table style="width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; font-size-adjust: none; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="10" nowrap="nowrap"><font size="2">As of December&#160;31,</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font size="2">2017</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2" nowrap="nowrap"><font size="2">2018</font></td> <td style="padding-bottom: 1pt; font-weight: bold;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font size="2">&#160;</font></td> <td style="font-weight: bold;"><font size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2">RMB</font></td> <td style="font-weight: bold;"><font size="2">&#160;</font></td> <td style="font-weight: bold;"><font size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2">RMB</font></td> <td style="font-weight: bold;"><font size="2">&#160;</font></td> <td style="font-weight: bold;"><font size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2">US$</font></td> <td style="font-weight: bold;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: center;" colspan="2" nowrap="nowrap"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: center;" colspan="2" nowrap="nowrap"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="font-weight: bold;"><font size="2">&#160;</font></td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2">Note 2(e)</font></td> <td style="font-weight: bold;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold;"><font size="2">ASSETS</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;"><font size="2">Current assets:</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 956px; text-align: left;"><font size="2">Cash and cash equivalents</font></td> <td style="width: 16px;"><font size="2">&#160;</font></td> <td style="width: 16px; text-align: left;"><font size="2">&#160;</font></td> <td style="width: 157px; text-align: right;"><font size="2">23,270</font></td> <td style="width: 16px; text-align: left;"><font size="2">&#160;</font></td> <td style="width: 16px;"><font size="2">&#160;</font></td> <td style="width: 16px; text-align: left;"><font size="2">&#160;</font></td> <td style="width: 157px; text-align: right;"><font size="2">17,179</font></td> <td style="width: 16px; text-align: left;"><font size="2">&#160;</font></td> <td style="width: 15px;"><font size="2">&#160;</font></td> <td style="width: 15px; text-align: left;"><font size="2">&#160;</font></td> <td style="width: 156px; text-align: right;"><font size="2">2,499</font></td> <td style="width: 15px; text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;"><font size="2">Amounts due from related parties</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">1,243,251</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">20,701</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">3,011</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">Prepayments and other current assets</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">1,642</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">54,847</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">7,977</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"><font size="2">Total current assets</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">1,268,163</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">92,727</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">13,487</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;"><font size="2">Non-current assets:</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">Investments in subsidiaries and VIEs</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">6,977,051</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">8,891,882</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">1,293,271</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"><font size="2">Total non-current assets</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">6,977,051</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">8,891,882</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">1,293,271</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"><font size="2">Total assets</font></td> <td style="padding-bottom: 2.5pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font size="2">8,245,214</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font size="2">8,984,609</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font size="2">1,306,758</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold;"><font size="2">LIABILITIES</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;"><font size="2">Current liabilities:</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;"><font size="2">Amounts due to related parties</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">135,490</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">2,046,971</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">297,720</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">Accruals and other liabilities</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">55,027</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">913</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">134</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"><font size="2">Total current liabilities</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">190,517</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">2,047,884</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">297,854</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">Deferred revenue</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">99,684</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">14,498</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-weight: bold;"><font size="2">Total non-current liabilities</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">99,684</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">14,498</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"><font size="2">Total liabilities</font></td> <td style="padding-bottom: 2.5pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font size="2">190,517</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font size="2">2,147,568</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 2.5pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font size="2">312,352</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-weight: bold;"><font size="2">MEZZANINE EQUITY</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;"><font size="2">Series A-1 and A-2 convertible redeemable preferred shares</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">5,011,731</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;"><font size="2">Series A-3 convertible redeemable preferred shares</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">427,129</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;"><font size="2">Series B convertible redeemable preferred shares</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">2,294,980</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;"><font size="2">Series C convertible redeemable preferred shares</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">4,454,596</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;"><font size="2">Series D convertible redeemable preferred shares</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">7,547,760</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">Receivable from a holder of Series D convertible redeemable preferred shares</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">(78,410</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">)</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"><font size="2">Total mezzanine equity</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">19,657,786</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#8212;</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-weight: bold;"><font size="2">SHAREHOLDERS&#8217; (DEFICIT)/EQUITY</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td><font size="2">Ordinary shares</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">60</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;"><font size="2">Class A Ordinary Shares</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">1,329</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">193</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;"><font size="2">Class B Ordinary Shares</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">226</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">33</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;"><font size="2">Class C Ordinary Shares</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">&#8212;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">254</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">37</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td><font size="2">Treasury shares</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">(9,186</font></td> <td style="text-align: left;"><font size="2">)</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">(9,186</font></td> <td style="text-align: left;"><font size="2">)</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">(1,336</font></td> <td style="text-align: left;"><font size="2">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;"><font size="2">Additional paid in capital</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">131,907</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">41,918,936</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">6,096,856</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;"><font size="2">Accumulated other comprehensive income/(loss)</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">(13,922</font></td> <td style="text-align: left;"><font size="2">)</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">(34,708</font></td> <td style="text-align: left;"><font size="2">)</font></td> <td><font size="2">&#160;</font></td> <td style="text-align: left;"><font size="2">&#160;</font></td> <td style="text-align: right;"><font size="2">(5,048</font></td> <td style="text-align: left;"><font size="2">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">Accumulated deficit</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">(11,711,948</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">)</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">(35,039,810</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">)</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">(5,096,329</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"><font size="2">Total shareholders&#8217; (deficit)/equity</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">(11,603,089</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">)</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">6,837,041</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="padding-bottom: 1pt;"><font size="2">&#160;</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">&#160;</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font size="2">994,406</font></td> <td style="text-align: left; padding-bottom: 1pt;"><font size="2">&#160;</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: bold; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font size="2">Total liabilities, mezzanine equity and shareholders&#8217; (deficit)/equity</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font size="2">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font size="2">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font size="2">8,245,214</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font size="2">&#160;</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font size="2">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font size="2">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font size="2">8,984,609</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font size="2">&#160;</font></td> <td style="color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; padding-bottom: 2.5pt; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font size="2">&#160;</font></td> <td style="text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font size="2">&#160;</font></td> <td style="text-align: right; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: 400; word-spacing: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"><font size="2">1,306,758</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 24.45pt; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Condensed Statements of Comprehensive Loss</i></b></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;"><br class="apple-interchange-newline" />&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="14">For the Year ended December&#160;31,</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2016</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2017</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2018</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">2018</td> <td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;">&#160;</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">RMB</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">RMB</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">RMB</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">US$</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: center; font-size: 10pt;" colspan="2">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: center; font-size: 10pt;" colspan="2">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: center; font-size: 10pt;" colspan="2">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-size: 10pt; font-weight: bold;" colspan="2">Note 2(e)</td> <td style="font-size: 10pt; font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt; font-weight: bold;">Operating expenses:</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt; width: 726px; font-size: 10pt;">Selling, general and administrative</td> <td style="padding-bottom: 1pt; width: 16px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 16px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 157px; font-size: 10pt;">(24,684</td> <td style="text-align: left; padding-bottom: 1pt; width: 16px; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; width: 16px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 16px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 157px; font-size: 10pt;">(52,518</td> <td style="text-align: left; padding-bottom: 1pt; width: 16px; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; width: 16px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 16px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 156px; font-size: 10pt;">(178,479</td> <td style="text-align: left; padding-bottom: 1pt; width: 15px; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; width: 15px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 15px; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 156px; font-size: 10pt;">(25,959</td> <td style="text-align: left; padding-bottom: 1pt; width: 15px; font-size: 10pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt; font-weight: bold;">Total operating expenses</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(24,684</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(52,518</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(178,479</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(25,959</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt; font-weight: bold;">Loss from operations</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(24,684</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(52,518</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(178,479</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(25,959</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Interest income</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">24,309</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">2,391</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">7,692</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">1,119</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Interest expense</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(12,389</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Equity in loss of subsidiaries and VIEs</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(2,539,323</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(4,924,897</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(9,432,640</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(1,371,921</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Investment income</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">2,670</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">3,498</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Other loss, net</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">712</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(819</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">6,153</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">895</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt; font-weight: bold;">Loss before income tax expense</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(2,536,316</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(4,984,734</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(9,597,274</td> <td style="text-align: left; font-size: 10pt;">)</td> <td style="font-size: 10pt;">&#160;</td> <td style="text-align: left; font-size: 10pt;">&#160;</td> <td style="text-align: right; font-size: 10pt;">(1,395,866</td> <td style="text-align: left; font-size: 10pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Income tax expense</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt; font-weight: bold;">Net loss</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,536,316</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(4,984,734</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(9,597,274</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,395,866</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Accretion on convertible redeemable preferred shares to redemption value</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(981,233</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(2,576,935</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(13,667,291</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(1,987,825</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt;">Accretion on redeemable non-controlling interests to redemption value</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">&#8212;</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(63,297</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> <td style="padding-bottom: 1pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; font-size: 10pt;">(9,206</td> <td style="text-align: left; padding-bottom: 1pt; font-size: 10pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in; font-size: 10pt; font-weight: bold;">Net loss attributable to ordinary shareholders of NIO Inc.</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(3,517,549</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(7,561,669</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(23,327,862</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> <td style="padding-bottom: 2.5pt; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left; font-size: 10pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right; font-size: 10pt;">(3,392,897</td> <td style="text-align: left; padding-bottom: 2.5pt; font-size: 10pt;">)</td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 24.45pt; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><i>Condensed Statements of Cash Flows</i></b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <div>&#160;</div> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="14" nowrap="nowrap">For The Year ended December&#160;31,</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left;" nowrap="nowrap">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2018</td> <td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">RMB</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">RMB</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">RMB</td> <td style="font-weight: bold;">&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">US$</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: center;" colspan="2" nowrap="nowrap">&#160;</td> <td>&#160;</td> <td style="font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Note 2(e)</td> <td style="font-weight: bold;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">CASH FLOWS FROM OPERATING ACTIVITIES</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; width: 743px;">Net cash used in operating activities</td> <td style="padding-bottom: 1pt; width: 16px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 157px;">(2,540,639</td> <td style="text-align: left; padding-bottom: 1pt; width: 16px;">)</td> <td style="padding-bottom: 1pt; width: 16px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 157px;">(4,920,905</td> <td style="text-align: left; padding-bottom: 1pt; width: 16px;">)</td> <td style="padding-bottom: 1pt; width: 16px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 156px;">3,917,654</td> <td style="text-align: left; padding-bottom: 1pt; width: 15px;">&#160;</td> <td style="padding-bottom: 1pt; width: 15px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 156px;">569,799</td> <td style="text-align: left; padding-bottom: 1pt; width: 15px;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">CASH FLOWS FROM INVESTING ACTIVITIES</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in;">Proceeds from sale of trading securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,118,559</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,340,911</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in;">Purchase of held for trading securities</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(2,346,261</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,337,413</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;">Acquisitions of equity investees</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(669,433</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(6,223,178</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(11,693,144</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,700,697</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Net cash used in investing activities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">102,865</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(6,219,680</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(11,693,144</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,700,697</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">CASH FLOWS FROM FINANCING ACTIVITIES</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#160;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in;">Proceeds from exercise of stock options</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,207</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">42,251</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">6,145</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in;">Repurchase of restricted shares</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(7,490</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(1,089</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in;">Proceeds from issuance of convertible promissory note</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">312,624</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in;">Repayment of convertible promissory note</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(325,013</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in;">Repayment of non-recourse loan</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">82,863</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">12,052</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in;">Proceeds from issuance of ordinary shares, net of issuance costs</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">&#8212;</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">7,566,470</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">1,100,497</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.35in;">Proceeds from issuance of convertible redeemable preferred shares, net of issuance costs</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,260,444</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,093,377</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">78,651</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,439</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Net cash provided by financing activities</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">2,260,444</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">11,087,195</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">7,762,745</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,129,044</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Effects of exchange rate changes on cash and cash equivalents</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(7,323</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">(3,031</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">6,654</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">969</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; font-weight: bold;">NET DECREASE IN CASH AND CASH EQUIVALENTS</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(184,653</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(56,421</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(6,091</td> <td style="text-align: left;">)</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">(885</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in;">Cash and cash equivalents at beginning of the year</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">264,344</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">79,691</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">23,270</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> <td style="padding-bottom: 1pt;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: right;">3,384</td> <td style="text-align: left; padding-bottom: 1pt;">&#160;</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in;">Cash and cash equivalents at end of the year</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">79,691</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">23,270</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">17,179</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> <td style="padding-bottom: 2.5pt;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,499</td> <td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td> </tr> </table> 1269900000 1265900000 4000000 0.10 126425000 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.50 1.00 BVI Hong Kong Germany Shanghai, PRC United States Hong Kong United Kingdom Hong Kong Hong Kong United States Jiangsu, PRC Shanghai, PRC Nanjing, PRC Nanjing, PRC Hong Kong Hong Kong Shanghai, PRC Wuhan PRC Wuhan, PRC Nanjing, PRC Shanghai, PRC Beijing, PRC Shanghai, PRC Nanjing, PRC 2015-02-28 2015-05-31 2015-05-31 2015-11-30 2015-12-31 2016-02-29 2016-04-30 2016-04-30 2016-04-30 2016-05-31 2016-05-31 2016-07-31 2016-10-31 2017-01-31 2017-02-28 2017-03-31 2017-04-30 2017-05-31 2017-06-30 2018-05-31 Investment holding Design and technology development Headquarter and technology development Technology development Investment holding Marketing and technology development Racing management Investment holding Technology development Investment holding Technology development Manufacturing of E-Powertrain Manufacturing of battery pack Investment holding Investment holding Investment holding and sales and after sales management Investment holding Investment holding Manufacturing of components Investment holding 1.00 1.00 1.00 1.00 2014-10-31 2014-11-30 2017-07-31 2018-04-30 26900001 4250002 6691491000 3576246000 685000000 200000000 454901000 50000000 1500000000 50000000 5200000 19800000 40000000 674279000 99500000 49750000 27000000 50000000 5115000 7095000000 650000000 2022-05-17 2019-09-27 2021-02-01 2025-12-15 2021-03-07 2021-11-30 2021-11-30 2021-11-30 2025-12-15 956362000 6568291000 962746000 138982000 24000000 10 years 3 years 3 years 5 years Shorter of the estimated useful life or remaining lease term 3 to 5 years 20 years 5 years P3Y P5Y P536M 6.8755 15335000 9564000 65641000 16460000 143868000 4095000 63427000 218060000 105955000 231070000 517787000 a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property&#8217;s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property&#8217;s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. 102020000 228478000 490936000 1775000000 0.00 47310000 441000 16460000 153057000 1800000000 914460000 2051482000 914460000 2051482000 44061000 696005000 22262000 6727000 0 723591000 23141000 38916000 0 216489000 2827000 456774000 1018766000 185401000 333367000 12582000 23321000 19668000 138803000 2132441000 134080000 178534000 135775000 173741000 413368000 77681000 1016643000 2619000 0 0 5530986000 456569000 393931000 286034000 320362000 653298000 146869000 1289611000 1032685000 481121000 470506000 221428000 677829000 45013000 165960000 469408000 7429000 3199000 4230000 8430000 3161000 5269000 2972000 1955000 1017000 4960000 2986000 1974000 1074000 1898000 1988000 80168000 616199000 0 574677000 50882000 159341000 91000 62613000 410726000 1027377000 247923000 437731000 37933000 423953000 170274000 402163000 199087000 55027000 308486000 913000 134000 68439000 233767000 0 108250000 0 87330000 0 47124000 0 46574000 10678000 43147000 24320000 2584000 55028000 0 61184000 215195000 454901000 766592000 384000000 187500000 401420000 671188000 3236864000 0.15 0.0475 0.0487 0.0457 0.0580 0.0522 0.0435 0.10 0.20 0.26 0.30 0.18 0.10 0.0450 0.49 1375000000 50000000 100000000 234000000 0 17420000 P90D P2Y P3Y P7Y7M P2Y7M P2Y11M P30D 30416000 351896000 0 193524000 0 130719000 48926000 129995000 61771000 124678000 0 0 0 301774000 14498000 99684000 0 0 384116000 0 0 82342000 181539000 99684000 0.36 0.64 451284000 1004835000 1850886000 948753000 1455297000 1827980000 27085000 60622000 104949000 7819000 38940000 103427000 10485000 12367000 33105000 19927000 30828000 77595000 473302000 929928000 2256455000 239549000 523535000 1158519000 133368000 238740000 578469000 91535000 216111000 450113000 38268000 128918000 249765000 32572000 71278000 197187000 21621000 114668000 167323000 106972000 127529000 283959000 0.45 4000000 200000 28417000 312624000 48000000 1 0.97 100000000 0.03 2.751 1800000 12389000 4861574000 306678000 2014903000 0 0 2539993000 19657786000 427129000 2294980000 4454596000 7469350000 5011731000 19657786000 5011731000 427129000 2294980000 4454596000 7547760000 0 193324000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1616729000 276695000 0 0 0 1340034000 401478000 0 0 0 0 401478000 266511000 0 0 0 0 266511000 78651000 78651000 165000000 130000000 130000000 40000000 316000000 316000000 316000000 316000000 1862134000 1862134000 316000000 645709000 645709000 645709000 1130320000 11952766000 0 240066000 4398313000 7314387000 0 1130320000 165000000 130000000 130000000 24210431 114867321 114867321 114867321 114867321 102144675 102144675 114867321 166205830 166205830 166205830 211156415 392513479 12722646 166205830 213585003 211156415 7509933 7509933 981233000 29983000 152769000 0 0 798481000 2576935000 120451000 40011000 56283000 154963000 2205227000 13667291000 565979000 2417979000 2375943000 1216227000 7091163000 -12102894000 -12102894000 -295000000 -295000000 -993108000 -993108000 -31720364 -31720364 -4712959000 -4712959000 -114867321 -114867321 -6830539000 -6830539000 -166205830 166205830 -8764228000 -8764228000 -213585003 -213585003 12000000 26000000 0.5000 13000000 0.5000 2428588 301000 1892000 189000 1177000 208000 1296000 1782000 11857000 1489000 10039000 901000 6033000 Holders of the Preferred Shares are entitled to appoint a total of 10 out of 11 directors of the Board 0.0500 0.0500 0.0500 0.0500 (A)&#160;an amount equal to the higher of (1) 100% of the original issue price of such Preferred Shares The initial conversion ratio of Preferred Shares to ordinary shares shall be 1:1 a)&#160;December&#160;31, 2021, if no QIPO or Approved Sale has been consummated prior to such date, (b)&#160;any material change in applicable law that would prohibit or otherwise make it illegal to continue to operate the business under the then-existing equity structure of the Group, which could not be solved by alteration or adjustment of the equity structure of the Group after good faith consultation among the Company and its shareholders, (c)&#160;the early termination of employment or service contracts of no less than 30% of the certain key employees (or subsequent persons holding their respective positions) with the Group during any six-month period (excluding any early termination with cause) which has resulted in material adverse effect with respect to the Business of the Group as a whole, and (d)&#160;termination or disruption of the business of the Group as a whole, which is attributable to any Group Company&#8217;s non-compliance with applicable laws or breach or early termination of material business contracts or business arrangements with any supplier, clients or otherwise (any matter or event as described in items (a)&#160;to (d), hereinafter a &#8220;Redemption Event&#8221;), or (e)&#160;any other Preferred Share holder has requested the Company to redeem its shares in any Redemption Event by delivery of a notice. (a) 100% of the Preferred Shares&#8217; original issue price, plus all accrued but unpaid dividends thereon up to the date of redemption and compound interest on the preferred shares&#8217; original issue price at the rate of 8% per annum, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations, mergers or similar transactions, and (b)&#160;the fair market value of such Preferred Shares at the date of redemption. 821378518 0.08 1.00 500000 1000000 2000000000 4000000000 23850343 1050799032 165000000 130000000 31720364 114867321 167142990 240000000 0.00025 0.00025 0.00025 0.00025 0.00025 0.00025 8400000 7058338 0 13450000 53576606 27495737 2000000 13460477 77918466 47216792 3362500 3133329 7058338 1687500 208333 0.72 1.04 0.00 0.72 0.96 1.30 2.05 1.21 1.30 2.55 1.93 3.38 6.74 0.72 0.84 1.04 0.72 0.72 52623554 57775914 91074140 0 945346 5236562 5498453 7706 348015 687796 50782627 55832678 99702386 1297535 5089894 32959964 0.32 0.57 1.69 0.00 0.32 1.46 2.79 0.39 0.40 0.39 0.44 1.17 0.10 0.25 0.62 P8Y3M18D P8Y6M7D P8Y2M23D 51506000 114299000 425988000 49245000 107299000 467127000 1336000 11070000 185787000 1.83 0.10 0.61 1.82 0.61 2.55 1.74 0.10 6.74 0.02 0.0146 0.0178 0.02 0.0231 0.0240 0.02 0.0274 0.0315 P10Y P10Y P7Y P10Y 0.00 0.00 0.00 0.00 0.00 0.00 0.54 0.47 0.51 0.51 0.52 0.47 0.48 0.47 0.51 0.43 0.44 0.05 0.05 0.05 0.08 1837387 1112977 0 441513 63897 0 3103809 509001 960958 470015 608406 445104 305464 254395 63058 0.96 0.96 0.00 0.96 6.60 0.00 0.96 6.72 0.96 0.96 0.96 6.74 0.96 0.96 0.96 1.80 2.70 4.54 P4Y9M P3Y7M21D P3M4D P4Y P1Y 0.25 1.00 562500 7490000 20572000 30127000 4151000 39560000 437320000 3790000 20323000 37651000 P1Y8M9D P2Y6M11D P1Y9M P3Y7D P0Y P2Y8M1D P9M P1Y8M12D P10Y P36M P4Y one fourth (1/4) 58444000 6095000 275473000 138884000 17101000 2812000 50279000 2798000 1 7509933 1.6522 12408000 0.018 semiannually P3Y 0.25 0.25 0.50 35446000 178475000 82863000 0.75 0.25 0.4284 0.2000 0.3298 0.4284 0.1925 0.3298 0.2984 0.19 0.3298 4314000 7906000 22044000 -642235000 -1253318000 -2404234000 91915000 91093000 96684000 52495000 -74531000 167180000 46527000 93513000 216993000 52000 845000 10377000 0 165898000 0 5716000 52185000 42781000 3594000 -10293000 -1422000 550840000 1235600000 2433987000 567844000 1620535000 3777696000 39174000 84320000 255240000 9118000 65737000 14234000 13735000 60624000 107471000 28849000 27463000 12349000 9478000 8699000 36729000 2411000 0 83877000 0 0 41939000 1643000 7104000 15984000 637000 4106000 8962000 0 55000 55000 672889000 1878643000 4369687000 672889000 1878643000 4369687000 0 0 0 0 672889000 1205754000 2491044000 11551510000 1221492000 4000 186827000 1335168000 3098425000 1221492000 232429000 894771000 6931086000 22960000 1156230000 0.25 0.1650 0.10 0.05 1.75 0.75 0.25 0.35 0.21 12198170 26311777 369222548 8323591 27495737 593611970 340518 72735288 678614152 0 0 0 0 0 0 0 21509000 11121000 4588000 4015000 1785000 0 0 3612000 0 0 0 0 2707000 905000 0 0 0 0 0 15552000 8021000 6987000 544000 0 38057000 28245000 2865000 6915000 32000 18324000 132152000 0 0 0 2960000 2960000 0 11107000 0 11107000 0 21671000 8065000 0 0 0 0 0 0 17212000 14776000 2436000 79556000 954000 3624000 1627000 50000000 21671000 0 0 0 1680000 0 96036000 0 0 0 50000000 0 34316000 2790000 7970000 0 960000 40069000 400000 0 576000 19466000 0 14289000 5338000 219583000 3530000 339000 4085000 210868000 761000 0 0 1250612000 1454031000 470600000 149551000 1721212000 1603582000 233486000 393734000 261846000 457892000 278278000 444909000 912356000 1091911000 1685966000 2388446000 100000000 51773000 48227000 14.92 26800000 6977051000 8891882000 1293271000 -2539323000 -4924897000 -9432640000 -1371921000 0 0 7490000 1089000 -7323000 -168120000 -3031000 -56947000 -8282000 6654000 969000 -184653000 6934222000 -56421000 -4306466000 -626349000 -6091000 -885000 -8408000 25355000 85553000 216036000 496279000 50000000 0 00017365412018-01-12 5000000 nio:Loan 00017365412019-01-012019-01-12 2 4951171000 0 8435000 0001736541nio:PrimeHubsRestrictedSharesPlanMembernio:NonEmployeesMemberus-gaap:RestrictedStockMember2015-12-31 2950000 0001736541nio:PrimeHubsRestrictedSharesPlanMembernio:NonEmployeesMemberus-gaap:RestrictedStockMember2016-12-31 0 0001736541nio:NonEmployeesMembernio:PrimeHubsRestrictedSharesPlanMemberus-gaap:RestrictedStockMember2017-12-31 0 0001736541nio:PrimeHubsRestrictedSharesPlanMembernio:NonEmployeesMemberus-gaap:RestrictedStockMember2018-12-31 0 1.25 0.00 0.00 0.00 0001736541nio:PrimeHubsRestrictedSharesPlanMembernio:NonEmployeesMemberus-gaap:RestrictedStockMember2017-01-31 250000 1686000 0001736541nio:PrimeHubsRestrictedSharesPlanMembernio:NonEmployeesMemberus-gaap:RestrictedStockMember2017-01-012017-12-31 0001736541nio:PrimeHubsRestrictedSharesPlanMembernio:NonEmployeesMemberus-gaap:RestrictedStockMember2016-01-012016-12-31 24532000 0.90 17998000 0001736541nio:EmployeesOfNioUsMembernio:NioIncentivePlansMemberus-gaap:RestrictedStockMember2016-01-012016-12-31 6137000 0001736541nio:Non-NioUsEmployeesMembernio:NioIncentivePlansMemberus-gaap:RestrictedStockMember2017-01-012017-12-31 0001736541nio:Non-NioUsEmployeesMembernio:NioIncentivePlansMemberus-gaap:RestrictedStockMember2016-01-012016-12-31 19582000 2950000 1.25 190681000 410726000 1027377000 1027377000 149426000 149426000 2000000000 0001736541nio:NanjingWeibangTransmissionTechnologyCo.LtdMember2018-01-012018-12-31 2790000 0001736541nio:NanjingWeibangTransmissionTechnologyCo.LtdMember2017-01-012017-12-31 0 0001736541nio:NanjingWeibangTransmissionTechnologyCo.LtdMember2016-01-012016-12-31 0 63297000 9206000 0 0 78410000 770268810 132030222 148500000 true