0001104659-22-050369 | 20-F | XBRL Viewer

As of December 31,

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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2021 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity File Number	001-35126
Entity Registrant Name	VNET Group, Inc.
Entity Central Index Key	0001508475
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Guanjie Building Southeast 1st Floor
Entity Address, Address Line Two	10# Jiuxianqiao East Road
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100016
Entity Address, Country	CN
Title of 12(b) Security	American depositary shares, each representing six Class A ordinary shares, par value US$0.00001 per share
Trading Symbol	VNET
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Auditor Name	Ernst & Young Hua Ming LLP
Auditor Firm ID	1408
Auditor Location	Shanghai, the People’s Republic of China
Business Contact
Document and Entity Information
Entity Address, Address Line One	Guanjie Building, Southeast 1st Floor
Entity Address, Address Line Two	10# Jiuxianqiao East Road
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100016
Entity Address, Country	CN
Contact Personnel Name	Mr. Tim Chen
City Area Code	86
Local Phone Number	10 8456-2121
Class A Ordinary Shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	857,359,421
Class B Ordinary Shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	30,721,723
Class C Ordinary Shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	60,000

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 1,372,481	$ 215,372	¥ 2,710,349
Restricted cash	327,767	51,434	270,450
Accounts and notes receivable (net of allowance for doubtful debt of RMB68,921 and RMB99,620 (US$15,633) as of December 31, 2020 and 2021, respectively)	1,405,997	220,632	847,233
Short-term investments			285,872
Prepaid expenses and other current assets	2,049,911	321,673	1,866,184
Amounts due from related parties	167,967	26,358	75,519
Total current assets	5,324,123	835,469	6,055,607
Non-current assets:
Property and equipment, net	10,092,419	1,583,721	8,106,425
Intangible assets, net	900,335	141,282	658,195
Land use rights, net	337,235	52,920	255,373
Operating lease right-of-use assets, net	2,869,338	450,262	1,325,526
Goodwill	1,339,657	210,221	994,993
Restricted cash	8,225	1,291	135,638
Deferred tax assets, net	168,002	26,363	185,481
Long-term investments, net	98,243	15,416	135,517
Amounts due from related parties			20,562
Other non-current assets	1,957,462	307,169	1,500,438
Total non-current assets	17,770,916	2,788,645	13,318,148
Total assets	23,095,039	3,624,114	19,373,755
Current liabilities:
Short-term bank borrowings (including short-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of RMB34,000 and nil as of December 31, 2020 and 2021, respectively)			34,000
Accounts and notes payable (including accounts and notes payable of the Consolidated VIEs without recourse to the primary beneficiaries of RMB182,669 and RMB352,478 (US$55,311) as of December 31, 2020 and 2021, respectively)	493,506	77,442	289,387
Accrued expenses and other payables (including accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries of RMB981,961 and RMB 1,342,886 (US$210,728) as of December 31, 2020 and 2021, respectively)	2,298,089	360,620	1,631,563
Advances from customers (including advances from customers of the Consolidated VIEs without recourse to the primary beneficiaries of RMB1,041,594 and RMB1,041,902 (US$163,497) as of December 31, 2020 and 2021, respectively)	1,041,902	163,497	1,041,594
Deferred revenue (including deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries of RMB58,066 and RMB49,055 (US$7,698) as of December 31, 2020 and 2021, respectively)	55,695	8,740	63,245
Income taxes payable (including income taxes payable of the Consolidated VIEs without recourse to the primary beneficiaries of RMB12,743 and RMB20,972 (US$3,291) as of December 31, 2020 and 2021, respectively)	43,770	6,868	29,028
Amounts due to related parties (including amounts due to related parties of the Consolidated VIEs without recourse to the primary beneficiaries of RMB50,193 and RMB8,007 (US$1,256) as of December 31, 2020 and 2021, respectively)	8,772	1,377	51,007
Current portion of long-term borrowings (including current portion of long-term borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of RMB165,328 and RMB350,609 (US$55,018) as of December 31, 2020 and 2021, respectively)	384,158	60,283	180,328
Current portion of finance lease liabilities (including current portion of finance lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of RMB362,760 and RMB200,961(US$31,535) as of December 31, 2020 and 2021, respectively)	244,032	38,294	403,843
Deferred government grants (including deferred government grants of the Consolidated VIEs without recourse to the primary beneficiaries of RMB2,074 and RMB2,074 (US$325) as of December 31, 2020 and 2021, respectively)	2,074	325	2,074
Current portion of bonds payable			1,943,619
Current portion of operating lease liabilities (including current portion of operating lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of RMB427,114 and RMB579,391 (US$90,919) as of December 31, 2020 and 2021, respectively)	607,997	95,408	452,272
Total current liabilities	5,179,995	812,854	6,121,960
Non-current liabilities:
Long-term borrowings (including long-term borrowings of the Consolidated VIEs without recourse to the primary beneficiaries of RMB570,135 and RMB1,480,709 (US$232,356) as of December 31, 2020 and 2021, respectively)	2,215,015	347,584	886,996
Convertible promissory notes	4,266,951	669,578	3,014,057
Non-current portion of finance lease liabilities (including non-current portion of finance lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of RMB299,399 and RMB704,255 (US$110,513) as of December 31, 2020 and 2021, respectively)	1,119,751	175,713	688,128
Unrecognized tax benefits (including unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries of RMB68,317 and RMB77,192 (US$12,113) as of December 31, 2020 and 2021, respectively)	77,573	12,173	68,696
Deferred tax liabilities (including deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries of RMB155,281 and RMB132,370 (US$20,772) as of December 31, 2020 and 2021, respectively)	348,404	54,672	299,093
Deferred government grants (including deferred government grants of the Consolidated VIEs without recourse to the primary beneficiaries of RMB4,100 and RMB2,294 (US$360) as of December 31, 2020 and 2021, respectively)	2,294	360	4,100
Amounts due to related parties (including amounts due to related parties of the Consolidated VIEs without resource to the primary beneficiaries of RMB747,746 and nil as of December 31, 2020 and 2021, respectively)			747,746
Non-current portion of operating lease liabilities (including non-current portion of operating lease liabilities of the Consolidated VIEs without resource to the primary beneficiaries of RMB497,268 and RMB2,114,309 (US$331,781) as of December 31, 2020 and 2021, respectively)	2,284,055	358,418	645,499
Total non-current liabilities	10,314,043	1,618,498	6,354,315
Total liabilities	15,494,038	2,431,352	12,476,275
Commitments and contingencies
Shareholders' equity:
Additional paid-in capital	15,198,055	2,384,906	13,083,119
Accumulated other comprehensive loss	(90,443)	(14,192)	(55,535)
Statutory reserves	74,462	11,685	74,462
Accumulated deficit	(7,590,382)	(1,191,097)	(7,235,113)
Treasury stock	(349,523)	(54,848)	(349,523)
Total VNET Group, Inc. shareholders' equity	7,242,229	1,136,463	6,564,934
Noncontrolling interest	358,772	56,299	332,546
Total shareholders' equity	7,601,001	1,192,762	6,897,480
Total liabilities and shareholders' equity	23,095,039	3,624,114	19,373,755
Class A Ordinary Shares
Shareholders' equity:
Ordinary shares	56	8	44
Class B Ordinary Shares
Shareholders' equity:
Ordinary shares	¥ 4	$ 1	12
Series A Perpetual Convertible Preferred Shares
Shareholders' equity:
Series A perpetual convertible preferred shares (par value of US$0.00001 per share; 150,000 and 150,000 shares authorized; 150,000 and nil shares issued and outstanding as of December 31, 2020 and 2021, respectively)			¥ 1,047,468

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) shares
Cumulative adjustment for changes in accounting policy	¥ 99,620	$ 15,633	¥ 68,921
Short-term bank and other borrowings of the Consolidated VIEs without recourse to the primary beneficiaries \| ¥			34,000
Accounts and notes payable of the Consolidated VIEs without recourse to the primary beneficiaries	493,506	77,442	289,387
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	2,298,089	360,620	1,631,563
Advance from customers of the Consolidated VIEs without recourse to the primary beneficiaries	1,041,902	163,497	1,041,594
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	55,695	8,740	63,245
Income tax payables of the Consolidated VIEs without recourse to the primary beneficiaries	43,770	6,868	29,028
Amounts due to related parties of the consolidated VIEs without resource to the primary beneficiaries	8,772	1,377	51,007
Long-term bank borrowings, current portion	230,805	36,218	68,500
Current portion of finance lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries.	244,032	38,294	403,843
Deferred government grants of the Consolidated VIEs without recourse to the primary beneficiaries	2,074	325	2,074
Current portion of operating lease liabilities	607,997	95,408	452,272
Long-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries	1,891,797	296,864	605,119
Long-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries	2,215,015	347,584	886,996
Non-current portion of finance lease liabilities	1,119,751	175,713	688,128
Unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries	77,573	12,173	68,696
Deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	348,404	54,672	299,093
Deferred government grants of the Consolidated VIEs without recourse to the primary beneficiaries	2,294	360	4,100
Amounts due to related parties related parties of the consolidated VIEs without resource to the primary beneficiaries \| ¥			747,746
Non-current portion of operating lease liabilities	¥ 2,284,055	$ 358,418	¥ 645,499
Series A perpetual convertible preferred shares, par value \| $ / shares		$ 0.00001
Series A perpetual convertible preferred shares, authorized	150,000	150,000	150,000
Series A perpetual convertible preferred shares, shares issued	0	0	150,000
Series A perpetual convertible preferred shares, shares outstanding	0	0
Variable Interest Entity, Primary Beneficiary
Short-term bank and other borrowings of the Consolidated VIEs without recourse to the primary beneficiaries \| ¥	¥ 0		¥ 34,000
Accounts and notes payable of the Consolidated VIEs without recourse to the primary beneficiaries	352,478	$ 55,311	182,669
Accrued expenses and other payables of the Consolidated VIEs without recourse to the primary beneficiaries	1,342,886	210,728	981,961
Advance from customers of the Consolidated VIEs without recourse to the primary beneficiaries	1,041,902	163,497	1,041,594
Deferred revenue of the Consolidated VIEs without recourse to the primary beneficiaries	49,055	7,698	58,066
Income tax payables of the Consolidated VIEs without recourse to the primary beneficiaries	20,972	3,291	12,743
Amounts due to related parties of the consolidated VIEs without resource to the primary beneficiaries	8,007	1,256	50,193
Long-term bank borrowings, current portion	350,609	55,018	165,328
Current portion of finance lease liabilities of the Consolidated VIEs without recourse to the primary beneficiaries.	200,961	31,535	362,760
Deferred government grants of the Consolidated VIEs without recourse to the primary beneficiaries	2,074	325	2,074
Current portion of operating lease liabilities	579,391	90,919	427,114
Long-term bank borrowings of the Consolidated VIEs without recourse to the primary beneficiaries	1,480,709	232,356	570,135
Non-current portion of finance lease liabilities	704,255	110,513	299,399
Unrecognized tax benefits of the Consolidated VIEs without recourse to the primary beneficiaries	77,192	12,113	68,317
Deferred tax liabilities of the Consolidated VIEs without recourse to the primary beneficiaries	132,370	20,772	155,281
Deferred government grants of the Consolidated VIEs without recourse to the primary beneficiaries	2,294	360	4,100
Amounts due to related parties related parties of the consolidated VIEs without resource to the primary beneficiaries \| ¥	0		747,746
Non-current portion of operating lease liabilities	¥ 2,114,309	$ 331,781	¥ 497,268
Class A Ordinary Shares
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.00001
Ordinary shares, shares authorized (in shares)	1,199,790,000	1,199,790,000	1,199,790,000
Ordinary shares, shares issued (in shares)	859,932,323	859,932,323	672,024,600
Ordinary shares, shares outstanding (in shares)	859,932,323	859,932,323	672,024,600
Class B Ordinary Shares
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.00001
Ordinary shares, shares authorized (in shares)	300,000,000	300,000,000	300,000,000
Ordinary shares, shares issued (in shares)	30,721,723	30,721,723	145,875,113
Ordinary shares, shares outstanding (in shares)	30,721,723	30,721,723	145,875,113
Class C Ordinary Shares
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.00001
Ordinary shares, shares authorized (in shares)	60,000	60,000	60,000
Ordinary shares, shares issued (in shares)	60,000	60,000	60,000
Ordinary shares, shares outstanding (in shares)	60,000	60,000	60,000

CONSOLIDATED STATEMENTS OF OPERATIONS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares
Net revenues
Hosting and related services	¥ 6,189,801	$ 971,315	¥ 4,829,019	¥ 3,788,967
Hosting and related services	(4,751,771)	(745,657)	(3,753,008)	(2,849,518)
Gross profit	1,438,030	225,658	1,076,011	939,449
Operating income (expenses)
Operating income			7,619	6,862
Sales and marketing expenses	(255,400)	(40,078)	(235,012)	(206,309)
Research and development expenses	(188,489)	(29,578)	(112,891)	(88,792)
General and administrative expenses	(842,354)	(132,184)	(535,111)	(415,277)
Allowance for doubtful debt	(18,399)	(2,887)	(2,393)	(1,557)
Impairment of receivables from equity investees				(52,142)
Impairment of loan receivable to potential investee	(2,807)	(440)
Impairment of long-lived assets	(109,267)	(17,146)	(81,619)
Total operating expenses	(1,416,716)	(222,313)	(959,407)	(757,215)
Operating profit	21,314	3,345	116,604	182,234
Interest income	31,897	5,005	31,711	54,607
Interest expense	(334,950)	(52,561)	(380,609)	(345,955)
Loss on debt extinguishment			(18,895)	(18,895)
Other income	33,923	5,323	16,539	36,380
Other expenses	(22,700)	(3,562)	(36,912)	(5,632)
Changes in the fair value of convertible promissory notes	829,149	130,112	(2,544,220)
Impairment of long-term investment	(3,495)	(548)	(13,030)
Foreign exchange (loss) gain, net	110,036	17,267	228,125	(27,995)
(Loss) income before income taxes and (loss) gain from equity method investments	665,174	104,381	(2,581,792)	(125,256)
Income tax expenses	(111,407)	(17,482)	(109,336)	(5,437)
(Loss) gain from equity method investments	(38,666)	(6,068)	10,869	(50,553)
Net (loss) income	515,101	80,831	(2,680,259)	(181,246)
Net profit attributable to noncontrolling interest	(15,003)	(2,354)	(29,088)	(1,046)
Net (loss) income attributable to the VNET Group, Inc.	¥ 500,098	$ 78,477	¥ (2,709,347)	¥ (182,292)
(Loss) earning per share:
Basic (in per share) \| (per share)	¥ 0.57	$ 0.09	¥ (4.47)	¥ (0.27)
Diluted (in per share) \| (per share)	¥ (0.36)	$ (0.06)	¥ (4.47)	¥ (0.27)
Shares used in (loss) earning per share computation:
Weighted average number of shares outstanding - basic (in shares) \| shares	865,352,554	865,352,554	716,888,919	668,833,756
Weighted-average number of shares outstanding-diluted (in shares) \| shares	911,591,433	911,591,433	716,888,919	668,833,756

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net (loss) income	¥ 515,101	$ 80,831	¥ (2,680,259)	¥ (181,246)
Other comprehensive loss, net of tax of nil
Foreign currency translation adjustments, net of tax of nil	(34,908)	(5,478)	(133,439)	(8,075)
Other comprehensive loss, net of tax of nil	(34,908)	(5,478)	(133,439)	(8,075)
Comprehensive (loss) income	480,193	75,353	(2,813,698)	(189,321)
Comprehensive income attributable to noncontrolling interest	(15,003)	(2,354)	(29,088)	(1,046)
Comprehensive (loss) income attributable to VNET Group, Inc.	¥ 465,190	$ 72,999	¥ (2,842,786)	¥ (190,367)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Foreign currency translation adjustments, tax	¥ 0	¥ 0	¥ 0
Other comprehensive loss, tax	¥ 0	¥ 0	¥ 0

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	¥ 515,101,000	$ 80,831,000	¥ (2,680,259,000)	¥ (181,246,000)
Adjustments to reconcile net loss to net cash generated from operating activities:
Foreign exchange loss (gain), net	(110,036,000)	(17,267,000)	(228,125,000)	27,995,000
Depreciation and amortization	1,267,578,000	198,911,000	988,983,000	772,205,000
Loss on disposal of property and equipment and intangible assets	6,339,000	995,000	6,032,000	271,000
Allowance for doubtful debt	18,399,000	2,887,000	2,393,000	1,557,000
Share-based compensation expense	320,010,000	50,217,000	136,804,000	43,916,000
Impairment of receivables from equity investees				52,142,000
Impairment of loan receivable to potential investee	2,807,000	440,000
Deferred income tax (benefits) loss	325,000	51,000	(22,508,000)	(64,887,000)
Loss (gain) from equity method investments	38,666,000	6,068,000	(10,869,000)	50,553,000
Distribution received from an equity method investment			17,723,000	20,200,000
Gain from disposal of equity investments without readily determinable fair value			(257,000)	(5,536,000)
Gain from disposal of equity method investment				(17,853,000)
Gain from disposal of subsidiaries	(17,153,000)	(2,692,000)
Impairment of long-lived assets	109,267,000	17,146,000	81,619,000
Impairment of a long-term investment	3,495,000	548,000	13,030,000
Loss on debt extinguishment			18,895,000	18,895,000
Lease expense	557,865,000	87,541,000	375,112,000	205,787,000
Changes in the fair value of convertible promissory notes	(829,149,000)	(130,112,000)	2,544,220,000
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:
Accounts and notes receivable	(533,323,000)	(83,690,000)	(171,608,000)	(156,134,000)
Prepaid expenses and other current assets	73,639,000	11,556,000	(117,110,000)	(328,224,000)
Amounts due from related parties	(17,502,000)	(2,746,000)	37,468,000	11,352,000
Accounts and notes payables	195,728,000	30,714,000	(13,741,000)	9,185,000
Unrecognized tax benefits	8,877,000	1,393,000	66,253,000	(4,234,000)
Accrued expenses and other payables	315,989,000	49,586,000	91,123,000	77,275,000
Deferred revenue	(7,550,000)	(1,185,000)	5,620,000	(129,000)
Advances from customers	307,000	48,000	(27,098,000)	398,655,000
Income taxes payable	14,742,000	2,313,000	(19,004,000)	34,917,000
Deferred government grants	93,000	15,000		500,000
Amounts due to related parties	7,431,000	1,166,000	(5,605,000)	6,044,000
Operating lease liabilities	(554,023,000)	(86,938,000)	(355,953,000)	(170,284,000)
Net cash generated from operating activities	1,387,922,000	217,796,000	714,243,000	802,922,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(2,691,928,000)	(422,422,000)	(2,473,332,000)	(1,248,834,000)
Purchases of intangible assets	(42,285,000)	(6,635,000)	(30,091,000)	(26,515,000)
Purchases of land use rights	(91,744,000)	(14,397,000)		(24,460,000)
Proceeds from disposal of property and equipment	10,220,000	1,604,000	1,777,000	2,484,000
Proceeds from disposal of land use right			9,397,000
Proceed from disposal of subsidiaries, net			5,802,000
Payments for short-term investments	(64,605,000)	(10,138,000)	(328,182,000)	(436,737,000)
Payment of loan to a third party	(16,474,000)	(2,585,000)	(12,562,000)
Payment of loans to related parties	(75,872,000)	(11,906,000)	(62,531,000)	(66,704,000)
Receipt of loans to third parties	17,010,000	2,669,000	30,000,000
Proceeds received from maturity of short-term investments	347,520,000	54,533,000	397,575,000	312,198,000
Proceeds from disposal of long-term investments	120,000	19,000	1,923,000	18,955,000
Payments for long-term investments	(5,000,000)	(785,000)		(9,330,000)
Prepayments and deposits for acquiring data center	(679,941,000)	(106,699,000)	(1,302,601,000)	(82,536,000)
Collection of deposit for acquiring data center	30,000,000	4,708,000	106,436,000	30,000,000
Payments for acquisitions, net of cash acquired	(509,634,000)	(79,973,000)	(369,924,000)	(148,067,000)
Cash receipt from related parties due to restructuring			140,738,000	67,563,000
Payment for other investment activities			(3,599,000)
Net cash used in investing activities	(3,772,613,000)	(592,007,000)	(3,889,174,000)	(1,611,983,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of loan from a related party				(47,893,000)
Proceeds from exercise of stock options, net of issuance cost	472,000	74,000	3,029,000	429,000
Proceeds from issuance of ordinary shares	(131,000)	(21,000)	2,680,421,000	572,000
Proceeds from Series A perpetual convertible preferred shares			1,058,325,000
Payment of issuance cost of Series A perpetual convertible preferred shares			(9,374,000)
Proceeds from long-term bank borrowings	1,628,438,000	255,537,000	594,619,000
Proceeds from short-term bank borrowings			34,000,000	234,500,000
Proceeds from other long-term borrowings	220,000,000	34,523,000	374,448,000	110,000,000
Repayment of long-term bank borrowings	(179,455,000)	(28,160,000)	(33,000,000)	(85,110,000)
Repayment of short-term bank borrowings	(34,000,000)	(5,335,000)	(234,500,000)	(50,000,000)
Repayment and deposits for other long-term borrowings	(175,123,000)	(27,481,000)	(125,825,000)	(19,399,000)
Payments for purchase of property and equipment through finance leases	(579,660,000)	(90,961,000)	(376,232,000)	(333,614,000)
Repayment of loan from third parties	(66,884,000)	(10,496,000)	(169,325,000)	(67,659,000)
Contribution from noncontrolling interest in subsidiaries	11,223,000	1,761,000	24,903,000	8,532,000
Prepayment for future share repurchase plan				(9,778,000)
Payments for share repurchase and cancellation (Note 29)	(1,701,807,000)	(267,051,000)	(130,472,000)	(11,840,000)
Repayment of notes payable	(1,945,620,000)	(305,310,000)		(95,565,000)
Profit distribution to noncontrolling interest	(272,000)	(43,000)
Net cash (used in) generated from financing activities	967,577,000	151,833,000	4,163,255,000	461,557,000
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash	9,150,000	1,438,000	(229,064,000)	43,660,000
Net increase (decrease) in cash and cash equivalents and restricted cash	(1,407,964,000)	(220,940,000)	759,260,000	(303,844,000)
Cash and cash equivalents and restricted cash at beginning of year	3,116,437,000	489,037,000	2,357,177,000	2,661,021,000
Total cash and cash equivalents and restricted cash	1,708,473,000	268,097,000	3,116,437,000	2,357,177,000
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	1,372,481,000	215,372,000	2,710,349,000	1,808,483,000
Restricted cash-current	327,767,000	51,434,000	270,450,000	478,873,000
Restricted cash-non-current	8,225,000	1,291,000	135,638,000	69,821,000
Total cash and cash equivalents and restricted cash	1,708,473,000	268,097,000	3,116,437,000	2,357,177,000
Supplemental disclosures of cash flow information:
Income taxes paid	(82,995,000)	(13,024,000)	(102,330,000)	(41,684,000)
Interest paid	(259,765,000)	(40,763,000)	(284,270,000)	(215,889,000)
Interest received	30,121,000	4,727,000	37,817,000	59,054,000
Supplemental disclosures of non-cash activities:
Right-of-use assets obtained in exchange for new operating lease liabilities	2,080,748,000	326,515,000	479,022,000	618,126,000
Purchase of property and equipment through finance leases	284,007,000	44,567,000	217,190,000	357,573,000
Purchase of property and equipment included in accrued expenses and other payables	321,140,000	50,394,000	591,187,000	344,248,000
Purchase of intangible assets included in accrued expenses and other payables	(129,000)	(20,000)	2,862,000	(1,642,000)
2021 Notes
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance cost				1,976,474,000
2025 Convertible promissory notes
Adjustments to reconcile net loss to net cash generated from operating activities:
Changes in the fair value of convertible promissory notes	829,149	130,112	2,544,220
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance cost			1,387,781,000
2026 Convertible promissory notes
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance cost	¥ 3,790,396,000	594,796,000
Proceeds from issuance of notes \| $		$ 600,000
Convertible Notes Payable
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase and repayment of 2020 Notes (Note 17)			¥ (915,543,000)	¥ (1,148,092,000)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands	Ordinary shares Cumulative Effect, Period of Adoption, Adjustment [Member] CNY (¥)	Ordinary shares Cumulative Effect, Period of Adoption, Adjustment [Member] USD ($)	Ordinary shares CNY (¥) shares	Ordinary shares USD ($) shares	Treasury stock CNY (¥)	Treasury stock USD ($)	Additional paid-in capital Cumulative Effect, Period of Adoption, Adjustment [Member] CNY (¥)	Additional paid-in capital CNY (¥)	Additional paid-in capital USD ($)	Series A Perpetual Convertible Preferred Shareholders Cumulative Effect, Period of Adoption, Adjustment [Member] CNY (¥)	Series A Perpetual Convertible Preferred Shareholders CNY (¥)	Accumulated other comprehensive (loss) income Cumulative Effect, Period of Adoption, Adjustment [Member] CNY (¥)	Accumulated other comprehensive (loss) income CNY (¥)	Accumulated other comprehensive (loss) income USD ($)	Statutory reserves CNY (¥)	Statutory reserves USD ($)	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment [Member] CNY (¥)	Accumulated deficit CNY (¥)	Accumulated deficit USD ($)	Total 21Vianet Group, Inc. shareholders' equity Cumulative Effect, Period of Adoption, Adjustment [Member] CNY (¥)	Total 21Vianet Group, Inc. shareholders' equity CNY (¥)	Total 21Vianet Group, Inc. shareholders' equity USD ($)	Non-controlling interest CNY (¥)	Non-controlling interest USD ($)	Cumulative Effect, Period of Adoption, Adjustment [Member] CNY (¥)	CNY (¥) shares	USD ($) shares
Cumulative adjustment for changes in accounting policy			¥ 46		¥ (337,683)			¥ 9,141,494					¥ 85,979		¥ 42,403			¥ (3,838,032)			¥ 5,094,207		¥ 268,977			¥ 5,363,184
Beginning Balance (in shares) at Dec. 31, 2018 \| shares			674,356,266	674,356,266
Beginning balance at Dec. 31, 2018			¥ 46		(337,683)			9,141,494					85,979		42,403			(3,838,032)			5,094,207		268,977			5,363,184
Consolidated net loss																		(182,292)			(182,292)		1,046			(181,246)
Contribution from noncontrolling interest in a subsidiary																							8,532			8,532
Foreign exchange difference								24					(8,075)								(8,051)					(8,051)
Issuance of new shares								572													572					572
Number of shares issued \| shares			60,000	60,000
Issuance of new shares for share option exercised and restricted share units vested (in shares) \| shares			304,200	304,200
Share-based compensation								(60,048)													(60,048)					¥ (60,048)
Appropriation of statutory reserves															18,066			(18,066)
Shares issued to depository bank (in shares) \| shares			6,700,002	6,700,002																						6,700,002	6,700,002
Share repurchase					(11,840)																(11,840)					¥ (11,840)
Share repurchase (in shares) \| shares			(1,456,980)	(1,456,980)																						(242,830)	(242,830)
Share options exercised								429													429					¥ 429
Share options exercised (in shares) \| shares			33,869	33,869
Restricted share units vested (shares) \| shares			5,136,306	5,136,306
Settlement of share options and restricted share units with shares held by depository bank (in shares) \| shares			(5,170,175)	(5,170,175)
Ending Balance (in shares) at Dec. 31, 2019 \| shares			679,963,488	679,963,488
Ending balance at Dec. 31, 2019			¥ 46		(349,523)			9,202,567					77,904		60,469			(4,038,390)			4,953,073		278,555			5,231,628
Cumulative adjustment for changes in accounting policy			46		(349,523)			9,202,567					77,904		60,469			(4,038,390)			4,953,073		278,555			5,231,628
Consolidated net loss																		(2,709,347)			(2,709,347)		29,088			(2,680,259)
Contribution by noncontrolling interest																							24,903			24,903
Foreign exchange difference													133,439								133,439					133,439
Issuance of new shares			¥ 8					2,680,283													2,680,291					2,680,291
Number of shares issued \| shares			118,754,028	118,754,028
Issuance of perpetual convertible preferred shares											¥ (1,047,468)										(1,047,468)					(1,047,468)
Deemed distribution to perpetual convertible preferred shares								470,643										(470,643)
Cancellation of shares issued in prior years (in shares) \| shares			(104,304)	(104,304)
Conversion of convertible promissory notes			¥ 2					717,606													717,608					717,608
Conversion of convertible promissory notes (in shares) \| shares			23,710,140	23,710,140
Share-based compensation								139,641													139,641					¥ 139,641
Appropriation of statutory reserves															13,993			(13,993)
Shares issued to depository bank (in shares) \| shares																										0	0
Share repurchase								(130,650)													(130,650)					¥ (130,650)
Share repurchase (in shares) \| shares			(4,363,639)	(4,363,639)																						0	0
Share options exercised								3,029													3,029					¥ 3,029
Share options exercised (in shares) \| shares			459,168	459,168
Restricted share units vested (shares) \| shares			2,603,430	2,603,430
Settlement of share options and restricted share units with shares held by depository bank (in shares) \| shares			(3,062,598)	(3,062,598)
Ending Balance (in shares) at Dec. 31, 2020 \| shares			817,959,713	817,959,713
Ending balance at Dec. 31, 2020			¥ 56		(349,523)			13,083,119			1,047,468		(55,535)		74,462		¥ (2,740)	(7,235,113)		¥ (2,740)	6,564,934		332,546		¥ (2,740)	6,897,480
Beginning Balance (in shares) at Dec. 31, 2019 \| shares			679,963,488	679,963,488
Beginning balance at Dec. 31, 2019			¥ 46		(349,523)			9,202,567					77,904		60,469			(4,038,390)			4,953,073		278,555			5,231,628
Share issued to depository bank																										0
Ending Balance (in shares) at Dec. 31, 2021 \| shares			890,714,046	890,714,046
Ending balance at Dec. 31, 2021	¥ 3	$ 54,507,816	¥ 60	$ 9,000	(349,523)	$ (54,848,000)	¥ 1,076,208	15,198,055	$ 2,384,906,000	¥ (1,047,468)		¥ (106)	(90,443)	$ (14,192,000)	74,462	$ 11,685,000	(28,637)	(7,590,382)	$ (1,191,097,000)		7,242,229	$ 1,136,463,000	358,772	$ 56,299,000		7,601,001	$ 1,192,762,000
Cumulative adjustment for changes in accounting policy			¥ 56		(349,523)			13,083,119			1,047,468		(55,535)		74,462		(2,740)	(7,235,113)		(2,740)	6,564,934		332,546		(2,740)	6,897,480
Beginning Balance (in shares) at Dec. 31, 2020 \| shares			817,959,713	817,959,713
Beginning balance at Dec. 31, 2020			¥ 56		(349,523)			13,083,119			1,047,468		(55,535)		74,462		(2,740)	(7,235,113)		¥ (2,740)	6,564,934		332,546		¥ (2,740)	6,897,480
Consolidated net loss																		500,098			500,098		15,003			515,101
Contribution by noncontrolling interest																							11,223			11,223
Foreign exchange difference													(22,773)								(22,773)					(22,773)
Conversion of convertible promissory notes			¥ 3					1,639,803													1,639,806					1,639,806
Conversion of convertible promissory notes (in shares) \| shares			42,401,010	42,401,010
Issuance of new shares for share option exercised and restricted share units vested			¥ 1					(1)
Issuance of new shares for share option exercised and restricted share units vested (in shares) \| shares			16,680,000	16,680,000
Share-based compensation								264,854													264,854					¥ 264,854
Shares issued to depository bank (in shares) \| shares			(7,800,000)	(7,800,000)																						7,800,000	7,800,000
Appropriation of dividend																		(272)			(272)					¥ (272)
Share repurchase			¥ (3)					(866,400)					(12,029)					(826,458)			(1,704,890)					(1,704,890)
Share repurchase (in shares) \| shares			(48,634,493)	(48,634,493)
Share options exercised			¥ 0		0			472			0		0		0			0			472		0			472
Share options exercised (in shares) \| shares			86,862	86,862
Restricted share units vested			¥ 0		0			0					0		0			0			0		0			0
Restricted share units vested (shares) \| shares			(5,929,122)	(5,929,122)
Settlement of share options and restricted share units with shares held by depository bank			¥ 0		0			0			¥ 0		0		0			0			0		0			0
Settlement of share options and restricted share units with shares held by depository bank (in shares) \| shares			(6,015,984)	(6,015,984)
Ending Balance (in shares) at Dec. 31, 2021 \| shares			890,714,046	890,714,046
Ending balance at Dec. 31, 2021	3	54,507,816	¥ 60	$ 9,000	(349,523)	(54,848,000)	1,076,208	15,198,055	2,384,906,000	(1,047,468)		(106)	(90,443)	(14,192,000)	74,462	11,685,000	(28,637)	(7,590,382)	(1,191,097,000)		7,242,229	1,136,463,000	358,772	56,299,000		7,601,001	$ 1,192,762,000
Cumulative adjustment for changes in accounting policy	¥ 3	$ 54,507,816	¥ 60	$ 9,000	¥ (349,523)	$ (54,848,000)	¥ 1,076,208	¥ 15,198,055	$ 2,384,906,000	¥ (1,047,468)		¥ (106)	¥ (90,443)	$ (14,192,000)	¥ 74,462	$ 11,685,000	¥ (28,637)	¥ (7,590,382)	$ (1,191,097,000)		¥ 7,242,229	$ 1,136,463,000	¥ 358,772	$ 56,299,000		¥ 7,601,001	$ 1,192,762,000

ORGANIZATION

12 Months Ended

Dec. 31, 2021

ORGANIZATION

ORGANIZATION

1. ORGANIZATION

VNET Group, Inc. was incorporated under the laws of the Cayman Islands on October 16, 2009 and its principal activity is investment holding. On October 8, 2021, 21Vianet Group, Inc. changed its name to VNET Group, Inc. to promote brand awareness. The Company through its consolidated subsidiaries and variable interest entities (the “VIEs”) are principally engaged in the provision of hosting and related services.

(a)	As of December 31, 2021, the significant subsidiaries of the Company and significant consolidated variable interest entities are as follows:

Entity	Date of incorporation/ acquisition	Place of incorporation	Percentage of direct ownership by the Company		Principal activities
			Direct
Subsidiaries:
VNET Group Limited (“VNET HK”)	May 25, 2007	Hong Kong	100	%	Investment holding
VNET Data Center Co., Ltd. (“VNET China”) ⁽¹⁾	June 12, 2000	PRC	100	%	Provision of technical and consultation services and rental of long-lived assets
VNET (Foshan) Technology Co., Ltd. (“FS Technology”) ⁽¹⁾	December 20, 2011	PRC	100	%	Trading of network equipment, provision of technical and internet data center services
VNET Anhui Suzhou Technology Co., Ltd. (“SZ Technology”) ⁽¹⁾	November 16, 2011	PRC	100	%	Trading of network equipment
VNET Hangzhou Information Technology Co., Ltd. (“HZ Technology”) ⁽¹⁾	March 4, 2013	PRC	100	%	Provision of internet data center services
iJoy Holding Limited (“iJoy BVI”)	April 30, 2013	British Virgin Islands	100	%	Investment holding
VNET Mobile Limited (“VNET Mobile”)	April 30, 2013	Hong Kong	100	%	Investment holding and provision of telecommunication services
WiFire Group Inc. (“WiFire Group”)	March 7, 2014	British Virgin Islands	100	%	Investment holding
Joytone Infotech Co., Ltd. (“SZ Zhuoaiyi”) ⁽¹⁾	April 30, 2013	PRC	100	%	Provision of technical and consultation services
VNET Ventures Limited (“Ventures”)	March 6, 2014	Hong Kong	100	%	Investment holding
Abitcool (China) Broadband Inc. (“aBitCool DG”) ⁽¹⁾	June 13, 2014	PRC	100	%	Dormant company
Diyixian.com Limited (“DYX”)	August 10, 2014	Hong Kong	100	%	Provision of virtual private network services
VNET Zhuhai Financial Leasing Co., Ltd. (“Zhuhai Financial Leasing”) ⁽¹⁾	April 9, 2015	PRC	100	%	Provision of finance leasing business services
VNET DRP Investment Holdings Limited (“DRP investment”)	January 13, 2017	Hong Kong	100	%	Investment holding
Shihua DC Investment Holdings Limited (“Shihua Investment”)	March 14, 2017	Cayman Islands	51	%	Investment holding
VNET (Xi’an) Technology Co., Ltd. (“Xi’an Tech”) ⁽¹⁾	July 5, 2012	PRC	51	%	Provision of technical and internet data center services
Foshan Zhuoyi Intelligence Data Co., Ltd. (“FS Zhuoyi”) ⁽¹⁾	July 7, 2016	PRC	51	%	Provision of internet data center services
Beijing Hongyuan Network Technology Co., Ltd. (“BJ Hongyuan”) ⁽¹⁾	December 8, 2014	PRC	51	%	Provision of internet data center services
Dermot Holdings Limited (“Dermot BVI”) ⁽³⁾	August 10, 2014	British Virgin Islands	100	%	Investment holding
Shihua DC Investment Holdings 2 Limited (“Shihua Holdings 2”) ⁽⁴⁾	August 20, 2019	Cayman Islands	100	%	Investment holding
Shanghai Waigaoqiao Free Trade Zone Gaogang Technology Co., Ltd. (“Waigaoqiao Technology”) ^(1)/(4)	August 20, 2019	PRC	100	%	Provision of internet data center services
Shanghai Edge Connect Technology Co., Ltd. (“SH Edge Connect”) ⁽¹⁾	November 3, 2020	PRC	100	%	Provision of technical and internet data center services
Beijing Jianghe Cloud Technology Co., Ltd. (“BJ JHC”) ^(1)/(8)	November 17, 2020	PRC	100	%	Provision of internet data center services
Beijing Shuntou Green Energy Data Technology Co., Ltd. (“BJ ST”) ^(1)/(8)	November 17, 2020	PRC	100	%	Provision of internet data center services
Jiwa Senlin (Beijing) Engineering Co., Ltd.( “Jiwa Engineering BJ”)⁽¹⁾	April 8, 2021	PRC	100	%	Provision of internet data center services
Beijing TenxCloud Technology Co., Ltd. (“BJ TenxCloud”) ^(1)/(9)	July 15, 2021	PRC	100	%	Provision of digitalization solution services
Zhongke Zijing Technology Co., Ltd. (“Zhongke Zijing”) ^(1)/(10)	August 16, 2021	PRC	100	%	Provision of technical and consultation services
Gu’an Junhui Network Technology Co., Ltd. (“Gu’an Junhui”) ^(1)/(10)	August 16, 2021	PRC	100	%	Provision of internet data center services

1. ORGANIZATION (CONTINUED)

Entity	Date of incorporation/ acquisition	Place of incorporation	Percentage of direct ownership by the Company	Principal activities
			Direct
Variable Interest Entities (the “VIEs”):
Beijing Yiyun Network Technology Co., Ltd. (“VNET Technology”) ⁽²⁾	October 22, 2002	PRC	—	Provision of internet data center services
Beijing iJoy Information Technology Co., Ltd. (“BJ iJoy”) ⁽²⁾	April 30, 2013	PRC	—	Provision of internet data center, content delivery network services
WiFire Network Technology (Beijing) Co., Ltd. (“WiFire Network”) ⁽²⁾	April 1, 2014	PRC	—	Provision of telecommunication services
Shanghai Zhiyan Yunwei Technology Co., Ltd. (“SH Zhiyan”) ⁽²⁾	December 12, 2020	PRC	—	Provision of telecommunication services

Held directly by VNET Technology:
Beijing VNET Broad Band Data Center Co., Ltd. (“VNET Beijing”) ⁽²⁾	March 15, 2006	PRC	—	Provision of internet data center services
Shanghai Shilian Technology Co., Ltd. (“SH Shilian”)	October 22, 2012	PRC	—	Provision of internet data center services

Held directly by VNET Beijing:
VNET (Xi’an) Information Outsourcing Industry Park Services Co., Ltd. (“Xi’an Sub”) ⁽²⁾	June 23, 2008	PRC	—	Provision of internet data center services
Langfang Xunchi Computer Data Processing Co., Ltd. (“LF Xunchi”) ⁽²⁾	December 19, 2011	PRC	—	Dormant company
Beijing Yilong Xinda Technology Co., Ltd. (“Yilong Xinda”) ⁽²⁾	February 28, 2013	PRC	—	Provision of internet data center services
Beijing Yichengtaihe Investment Co., Ltd. (“BJ Yichengtaihe”) ⁽²⁾	September 30, 2014	PRC	—	Provision of internet data center services
Guangzhou Lianyun Big Data Co., Ltd. (“GZ Lianyun”) ⁽²⁾	April 14, 2016	PRC	—	Provision of internet data center services
Beijing Xianghu Yunlian Technology Co., Ltd. (“Xianghu Yunlian”) ⁽²⁾	November 7, 2018	PRC	—	Provision of internet data center services
Shanghai Hujiang Songlian Technology Co., Ltd.(“Hujiang Songlian”) ⁽²⁾	December 17, 2018	PRC	—	Provision of internet data center services
Beijing Shuhai Hulian Technology Co., Ltd. (“BJ Shuhai”) ⁽²⁾	January 2, 2019	PRC	—	Provision of internet data center services
Nantong Chenghong Cloud Computing Co., Ltd. (“NT Chenghong”) ⁽²⁾	December 24, 2019	PRC	—	Provision of internet data center services

Held directly by SH Shilian:
Shanghai Shuzhong Investment Management Co., Ltd. (“SH Shuzhong”) ^(2)/(5)	June 30, 2020	PRC	—	Provision of internet data center services
Sanhe Shulifang Information Technology Co., Ltd. (“Shulifang”) ^(2)/(6)	July 21, 2020	PRC	—	Provision of internet data center services
Langfang Huahai Internet Technology Co., Ltd. (“LF Huahai”) ^(2)/(7)	September 11, 2020	PRC	—	Provision of internet data center services
Shanghai Hesheng Data System Co., Ltd. (“SH Hesheng”) ^(2)/(11)	November 11, 2021	PRC	—	Provision of internet data center services

1. ORGANIZATION (CONTINUED)

Entity	Date of incorporation/ acquisition	Place of incorporation	Percentage of direct ownership by the Company		Principal activities

Held directly by SH Zhiyan:
Shanghai Blue Cloud Technology Co., Ltd. (“SH Blue Cloud”) ⁽²⁾	March 21, 2013	PRC	—		Provision of Office 365 and Windows Azure platform services
Shanghai Edge Blue Cloud Network Technology Co., Ltd. (“SH Edge Network”) ^(2)/(12)	January 7,2021	PRC	—		Provision of internet data center services

Held directly by DYX and LF Xunchi:
Shenzhen Diyixian Telecommunication Co., Ltd. (“SZ DYX”) ⁽¹⁾	August 10, 2014	PRC	20	%	Provision of virtual private network services

(1)	Collectively, the “PRC Subsidiaries”.

(2)	Collectively, the “Consolidated VIEs”.

(3)	On August 10, 2014, the Company and its subsidiary, LF Xunchi, acquired 100% equity interest of Dermot BVI and its subsidiaries (collectively referred to as “Dermot Entities”).

(4)	On August 20, 2019, the Company through its subsidiary, DRP Investment, became the sole shareholder in Shihua Holding 2 and its subsidiaries.

(5)	On June 30, 2020, the Company through its subsidiary, SH Shilian, acquired 100% equity interest of SH Shuzhong (Note 4).

(6)	On July 21, 2020, the Company through its subsidiary, SH Shilian, acquired 100% equity interest of Shulifang (Note 4).

(7)	On September 11, 2020, the Company through its subsidiaries, SH Shilian and Linkcloud PTE. Ltd. (“Linkcloud”), acquired 100% equity interest of LF Huahai (Note 4).

(8)	On November 17, 2020, the Company through its subsidiary, VNET Saturn International Investment Limited (“VNET Saturn”) and Beijing Zhongshun Yongfeng Investment Consulting Co., Ltd. (“YF WFOE”), acquired 100% equity interest of BJ JHC and BJ ST (Note 4).

(9)

On July 15, 2021, the Company through its subsidiary, Shenzhen Cloud Native Technology Co., Ltd. (“SZ Cloud Native”), acquired 100% equity interest of BJ TenxCloud (Note 4).

(10)

On August 16, 2021, the Company through its subsidiary, Jiwa Engineering BJ, acquired 100% equity interest of Zhongke Zijing and Gu’an Junhui (Note 4).

(11)

On November 11, 2021, the Company through its subsidiary, SH Shilian, acquired 100% equity interest of SH Hesheng (Note 4).

(12) On January 7, 2021, the Company, through SH Zhiyan, established SH Edge Network for internet data center services.

1. ORGANIZATION (CONTINUED)

(b)

PRC laws and regulations prohibit foreign ownership of internet and telecommunications-related businesses. To comply with these foreign ownership restrictions, the Company conducts its businesses in the PRC through its VIEs using contractual agreements (the “VIE Agreements”). The Company controls four significant VIEs, namely VNET Technology, BJ iJoy, WiFire Network and SH Zhiyan as of December 31, 2021. The key terms of the VIE Agreements in relation to BJ iJoy, WiFire Network and SH Zhiyan are substantially similar to VNET Technology, except for the terms separately disclosed as below.

The equity interests of VNET Technology are legally held by certain PRC individuals, including Chen Sheng, the Executive Chairman of Board of Directors of the Company and Zhang Jun (collectively the “Nominee Shareholders”. The following is a summary of the key terms of the VIE Agreements of VNET Technology:

Exclusive option agreement

Pursuant to the exclusive option agreement entered into amongst VNET China and the Nominee Shareholders of VNET Technology, the Nominee Shareholders granted the Company or its designated party, an exclusive irrevocable option to purchase all or part of the equity interests held by the Nominee Shareholders in VNET Technology, when and to the extent permitted under the PRC laws, at an amount equal to RMB1. VNET Technology cannot declare any profit distributions or grant loans in any form without the prior written consent of VNET China. The Nominee Shareholders must remit in full any funds received from VNET Technology to VNET China, in the event any distributions are made by VNET Technology. The term of this agreement is 10 years, expiring on December 18, 2016, which is renewable at the sole discretion of VNET China. On December 19, 2016, this agreement was renewed for another 10 years, expiring on December 18, 2026.

SH Zhiyan has substantially similar exclusive option agreement except that the term of SH Zhiyan will terminate when SH Edge Connect, the primary beneficiary, purchases all of SH Zhiyan’s equity interest held by the Nominee Shareholder, Shanghai Rongyan Yunqi Technology Co., Ltd. (“SH Rongyan”).

Exclusive technical consulting and service agreement

Pursuant to the exclusive technical consulting and service agreement entered into between VNET China and VNET Technology, VNET China is to provide exclusive management consulting services and internet technical services in return for fees based on of a predetermined hourly rate of RMB1, which is adjustable at the sole discretion of VNET China. The term of this agreement is 10 years, expiring on December 18, 2016, which is renewable at the sole discretion of VNET China. On December 19, 2016, this agreement was renewed for another 10 years, expiring on December 18, 2026.

SH Zhiyan has substantially similar exclusive technical consulting and service agreement except that the term for SH Zhiyan would be in effect for an unlimited term unless terminated in writing by SH Edge Connect, the primary beneficiary of VIE SH Zhiyan.

1. ORGANIZATION (CONTINUED)

Loan agreement

In January 2011, VNET China and the Nominee Shareholders entered into a loan agreement. Pursuant to the agreement, VNET China has provided interest-free loan facilities of RMB7,000 and RMB3,000, respectively, to the Nominee Shareholders of VNET Technology for the purpose of providing capital to VNET Technology to develop its data center and telecommunications value-added business and related businesses. There is no fixed term for the loan.

The Nominee Shareholders of SH Zhiyan did not enter into any loan agreement to fund the capital injected in SH Zhiyan.

Power of attorney agreement

The Nominee Shareholders entered into the power of attorney agreement whereby they granted an irrevocable proxy of the voting rights underlying their respective equity interests in VNET Technology to VNET China, which includes, but are not limited to, all the shareholders’ rights and voting rights empowered to the Nominee Shareholders by the company law and VNET Technology’s Articles of Association. The power of attorney remains valid and irrevocable from the date of execution, so long as each Nominee Shareholder remains as a shareholder of VNET Technology.

The power of attorney agreement in relation to VNET Technology was reassigned to VNET Group, Inc. in September 2010.

Share pledge agreement

Pursuant to the share pledge agreement entered into amongst VNET China, VNET Technology and the Nominee Shareholders, the Nominee Shareholders have contemporaneously pledged all their equity interests in VNET Technology to guarantee the repayment of the loan under the Loan Agreement between VNET China and the Nominee Shareholders. On August 10, 2015, a Notification of Cancellation of share pledge registration was issued by Beijing Administration for Industry and Commerce, Pinggu Branch to cancel the registration of the share pledge by one of the Nominee Shareholders of VNET Technology, Zhang Jun. Such cancellation does not affect the effectiveness of the share pledge agreement and does not lessen the control imposed on the contractual parties of the Company.

If VNET Technology breaches its respective contractual obligations under the Share pledge agreement and the loan agreement, VNET China, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests. The Nominee Shareholders agreed not to transfer, sell, pledge, dispose of or otherwise create any new encumbrance on their equity interests in VNET Technology without the prior written consent of VNET China.

SH Zhiyan has substantially similar term the Nominee Shareholders of SH Zhiyan did not enter into any loan agreement to fund the capital injected in SH Zhiyan as mentioned above.

1. ORGANIZATION (CONTINUED)

Financial support letter

Pursuant to the financial support letter, VNET Group, Inc. agreed to provide unlimited financial support to VNET Technology for its operations and agreed to forego the right to seek repayment in the event VNET Technology is unable to repay such funding.

SH Zhiyan has substantially similar term except that SH Edge Connect provides unlimited financial support to SH Zhiyan for its operations.

Despite the lack of technical majority ownership, there exists a parent-subsidiary relationship between the Company and VNET Technology through the irrevocable power of attorney agreement, whereby the Nominee Shareholders effectively assigned all of their voting rights underlying their equity interests in VNET Technology to the Company. In addition, the Company, through VNET China, obtained effective control over VNET Technology through the ability to exercise all the rights of VNET Technology’s shareholders pursuant to the share pledge agreement and exclusive option agreement. The Company demonstrates its ability and intention to continue to exercise the ability to absorb substantially all of the expected losses through the financial support letter. In addition, the Company also demonstrates its ability to receive substantially all of the economic benefits of VNET Technology through VNET China through the consulting and service agreement. Thus, the Company is the primary beneficiary of VNET Technology and consolidates VNET Technology and its subsidiaries under Accounting Standards Codification (“ASC”) Subtopic 810-10, Consolidation: Overall (“ASC 810-10”). Similar conclusion has been reached with respect to the VIE structures with the Company or the Company’s subsidiaries, as the respective primary beneficiaries for other VIEs, i.e., BJ iJoy, WiFire Network and SH Zhiyan.

In the opinion of the Company’s management and PRC counsel, (i) the ownership structure of the VIEs is in compliance with applicable PRC laws and regulations in any material respect, and (ii) each of the VIE Agreements is valid, legally binding and enforceable to each party of such agreements under the existing PRC laws and will not violate any PRC laws or regulations currently in effect.

However, there are substantial uncertainties regarding the interpretation and application of current and future PRC laws and regulations. Accordingly, the Company cannot be assured that PRC regulatory authorities will not ultimately take a contrary view to its opinion. If the current ownership structure of the Company and its contractual arrangements with the VIEs are found to be in violation of any existing or future PRC laws and regulations, the Company may be required to restructure its ownership structure and operations in the PRC to comply with the changing and new PRC laws and regulations. To the extent that changes and new PRC laws and regulations prohibit the Company’s VIE arrangements from complying with the principles of consolidation, the Company would have to deconsolidate the financial position and results of operations of its VIEs. In the opinion of management, the likelihood of loss in respect of the Company’s current ownership structure or the contractual arrangements with the VIEs is remote based on current facts and circumstances.

1 ORGANIZATION (CONTINUED)

(c)	VIE disclosures

Except for certain property with carrying amounts of RMB451,293 (US$70,818) that were pledged to secure banking borrowings granted to the Company (Note 14), there were no pledges or collateralization of the Consolidated VIEs’ assets. Creditors of the Consolidated VIEs have no recourse to the general credit of the primary beneficiaries of the Consolidated VIEs, and such amounts have been parenthetically presented on the face of the consolidated balance sheets. The Consolidated VIEs operate the data centers and own facilities including data center buildings, leasehold improvements, fiber optic cables, computers and network equipment, which are recognized in the Company’s consolidated financial statements. They also hold certain value-added technology licenses, registered copyrights, trademarks and registered domain names, including the official website, which are also considered as revenue-producing assets. However, none of such assets was recorded on the Company’s consolidated balance sheets as such assets were all acquired or internally developed with insignificant cost and expensed as incurred. In addition, the Company also hires data center operation and marketing workforce for its daily operations and such costs are expensed when incurred. The Company has not provided any financial or other support that it was not previously contractually required to provide to the Consolidated VIEs during the periods presented.

1. ORGANIZATION (CONTINUED)

The following tables represent the financial information of the Consolidated VIEs as of December 31, 2020 and 2021 and for the years ended December 31, 2019, 2020 and 2021 before eliminating the intercompany balances and transactions between the Consolidated VIEs and other entities within the Company:


	As of December 31,
	2020	2021
	RMB	RMB	US$
ASSETS
Current assets:
Cash and cash equivalents	737,556	660,234	103,605
Restricted cash	260,450	317,199	49,775
Accounts receivable (net of allowance for doubtful debt of RMB67,632 and RMB82,654 (US$12,970) as of December 31, 2020 and 2021, respectively)	664,610	1,139,372	178,792
Prepaid expenses and other current assets	1,622,662	1,781,456	279,549
Amounts due from related parties	12,968	29,812	4,678
Total current assets	3,298,246	3,928,073	616,399
Non-current assets:
Property and equipment, net	5,170,878	6,754,511	1,059,930
Intangible assets, net	342,288	382,173	59,971
Land use rights, net	46,719	45,476	7,136
Operating lease right-of-use assets, net	1,134,073	2,666,182	418,382
Goodwill	308,110	308,110	48,349
Restricted cash	27,719	7,825	1,228
Deferred tax assets, net	168,181	136,903	21,483
Amounts due from related parties	20,562	—	—
Other non-current assets	435,144	612,198	96,067
Long-term investments, net	172,593	133,280	20,915
Total non-current assets	7,826,267	11,046,658	1,733,461
Total assets	11,124,513	14,974,731	2,349,860
Current liabilities:
Short-term bank borrowings	34,000	—	—
Accounts payable and notes payable	182,669	352,478	55,311
Accrued expenses and other payables	981,961	1,342,886	210,728
Advance from customers	1,041,594	1,041,902	163,497
Deferred revenue	58,066	49,055	7,698
Income tax payable	12,743	20,972	3,291
Amounts due to inter-companies ⁽¹⁾	4,248,422	5,203,974	816,617
Amounts due to related parties	50,193	8,007	1,256
Current portion of finance lease liabilities	362,760	200,961	31,535
Current portion of long-term borrowings	165,328	350,609	55,018
Current portion of deferred government grant	2,074	2,074	325
Current portion of operating lease liabilities	427,114	579,391	90,919
Total current liabilities	7,566,924	9,152,309	1,436,195

1. ORGANIZATION (CONTINUED)


	As of December 31,
	2020	2021
	RMB	RMB	US$
Non-current liabilities:
Amounts due to inter-companies ⁽¹⁾	1,020,972	1,020,972	160,213
Amounts due to related parties	747,746	—	—
Long-term borrowings	570,135	1,480,709	232,356
Non-current portion of finance lease liabilities	299,399	704,255	110,513
Unrecognized tax benefits	68,317	77,192	12,113
Deferred tax liabilities	155,281	132,370	20,772
Non-current portion of deferred government grant	4,100	2,294	360
Non-current portion of operating lease liabilities	497,268	2,114,309	331,781
Total non-current liabilities	3,363,218	5,532,101	868,108
Total liabilities	10,930,142	14,684,410	2,304,303


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Net revenues	2,858,176	3,885,141	5,145,110	807,380
Net profit	111,592	73,748	92,594	14,530


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Net cash generated from operating activities	495,308	748,418	866,712	136,006
Net cash used in investing activities	(1,247,764)	(1,943,358)	(2,695,707)	(423,015)
Net cash generated from financing activities	885,286	1,302,082	1,788,528	280,659
Net increase (decrease) in cash and cash equivalents and restricted cash	132,830	107,142	(40,467)	(6,350)

(1)	Amounts due to inter-companies consist of intercompany payables to the other companies within the Company for the purchase of telecommunication resources and property and equipment on behalf of the Consolidated VIEs.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

(b) Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries and the Consolidated VIEs for which the Company or a subsidiary of the Company is the primary beneficiary. All significant inter-company transactions and balances between the Company, its subsidiaries and the Consolidated VIEs are eliminated upon consolidation. Results of acquired subsidiaries and its Consolidated VIEs are consolidated from the date on which control is transferred to the Company.

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant estimates and assumptions reflected in the Company’s financial statements include, but are not limited to, determining the valuation allowance for deferred tax assets and determining the fair value of convertible promissory notes. Changes in facts and circumstances may result in revised estimates. Given the global economic climate and unforeseen effects from COVID-19 pandemic, the process of estimation has become more challenging. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

(d) Foreign currency

The functional currency of the Company and its overseas subsidiaries is the United States dollar (“US$”), whereas the functional currency of the Company’s PRC subsidiaries and its Consolidated VIEs is the Chinese Renminbi (“RMB”) as determined based on the criteria of ASC Topic 830, Foreign Currency Matters (“ASC 830”). The Company uses the RMB as its reporting currency.

The financial statements of the Company and its overseas subsidiaries are translated from the functional currency to the reporting currency, RMB. Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical costs in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of operations.

The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in other comprehensive loss within the statements of comprehensive (loss) income.

(e) Convenience translation

Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB6.3726 on December 30, 2021, the last business day in fiscal year 2021, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be converted, realized or settled into US$ at such rate or at any other rate.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(f) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and demand deposits placed with banks which are unrestricted as to withdrawal and use and have original maturities less than three months. All highly liquid investments with a stated maturity of 90 days or less from the date of purchase are classified as cash equivalents.

(g) Restricted cash

Restricted cash mainly represents amounts held by a few banks in escrow as security for credit facilities, the guarantee of compliance with the network and service requirements of the radio spectrum license awarded by the Hong Kong Telecommunication Authority, the deposits for finance lease, the deposits for a lawsuit with a third party, the deposits held in escrow for the advances received from end customers subscribing Office 365 and Windows Azure services (the disbursement of which shall be agreed by both Microsoft (China) Co., Ltd. (“Microsoft”) and the Company), the deposits for business operation, the deposits for loans.

(h) Short-term investments

All highly liquid investments with original maturities of greater than three months but less than twelve months, are classified as short-term investments. Interest income is included in earnings.

(i) Accounts receivable and allowance for doubtful debt

On January 1, 2020, the Company adopted ASC326, Financial Instruments-Credit Losses (“ASC326”), using modified-retrospective transition approach. Following the adoption of this guidance, a cumulative-effect adjustment in accumulated deficit of RMB2,740 was recognized as of January 1, 2020. For the year ended December 31, 2020 and 2021, the Company recorded credit losses of RMB2,393 and RMB18,399 (US$2,887), respectively.

Pursuant to ASC 326, an allowance for credit losses for financial assets, including accounts receivable, carried at amortized cost to present the net amount expected to be collected as of the balance sheet date. Such allowance is based on credit losses expected to arise over the life of the asset’s contractual term, which includes consideration of prepayments. Assets are written off when the Company determines that such financial assets are deemed uncollectible and are recognized as a deduction from the allowance for credit losses. Expected recoveries of amounts previously written off, not to exceed the aggregate of the amount previously written off, are included in determining the necessary reserve at the balance sheet date. The Company pools financial assets based on similar risk characteristics to estimate expected credit losses. The Company estimates expected credit losses on financial assets individually when those assets do not share similar risk characteristics. The Company closely monitors its accounts receivable including timely account reconciliations, detailed reviews of past due accounts, updated credit limits, and monthly analysis of the adequacy of their reserve for credit losses.

The Company utilizes a loss rate approach to determine lifetime expected credit losses for its financial assets. This method is used for calculating an estimate of losses based primarily on the Company’s historical loss experience. In determining loss rates, the Company evaluates information related to historical losses, adjusted for current conditions and further adjusted for the period of time that the Company can reasonably forecast. The Company has concluded that it can reasonably support a forecast period for the contractual life of its financial assets. Qualitative and quantitative adjustments related to current conditions and the reasonable and supportable forecast period consider the following: the customer or vendor ‘s creditworthiness, changes in the policy and procedures to establish customer credit limits, changes in the payment terms of receivables, existence and effect of any concentration of credit and changes in the level of such concentrations, and the effects of other external forces such as the current and forecasted direction of the economic and business environment.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(j) Property and equipment

Property and equipment are stated at cost less accumulated depreciation and any recorded impairment. Property and equipment acquired in a business combination are recognized initially at fair value at the data of acquisition. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, as follows:


Category		Estimated useful life
Property		25-46 years
Leasehold improvements		Over the shorter of lease term or the estimated useful lives of the assets
Optical fibers		10-20 years
Computer and network equipment		1-10 years
Office equipment		2-8 years
Motor vehicles		2-8 years

Repair and maintenance costs are charged to expense as incurred, whereas the costs of betterments that extend the useful life of property and equipment are capitalized as additions to the related assets. Retirements, sale and disposals of assets are recorded by removing the cost and accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of operations.

Property and equipment that are purchased or constructed which require a period of time before the assets are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs. Construction-in-progress is transferred to specific property and equipment accounts and commences depreciation when these assets are ready for their intended use.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(k) Intangible assets

Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination are recognized initially at fair value at the date of acquisition. Intangible assets with finite useful lives are amortized using a straight-line method. These amortization methods reflect the estimated pattern in which the economic benefits of the respective intangible assets are to be consumed.

The Company has capitalized certain internal use software development costs in accordance with ASC Subtopic 350-40, Intangibles-Goodwill and Other: Internal-Use Software (“ASC 350-40”), amounting to RMB13,189, RMB8,684, and RMB11,422 (US$1,792) for the years ended December 31, 2019, 2020 and 2021, respectively. The Company capitalizes certain costs relating to software acquired, developed, or modified solely to meet the Company’s internal requirements and for which there are no substantive plans to market the software. These costs mainly include the research staff costs directly associated with the internal-develop software projects during the application development stage. Capitalized internal-use software costs are included in “intangible assets, net”.

Intangible assets have weighted average useful lives from the date of purchase/ acquisition as follows:


Purchased software		5.3 years
Radio spectrum license		15 years
Operating permits*		33.6 years
Customer relationships*		8.3 years
Licenses*		15 years
Supplier relationships*		10 years
Trade Names*		20 years
Platform software*		5 years
Non-complete agreements*		5 years
Internal use software		3.7 years
Customer contract*		6.2 years

*	Acquired in the acquisitions of subsidiaries.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(l) Leases

Effective January 1, 2019, the Company adopted ASC Topic 842, Lease (“ASC 842”) using the modified retrospective method and did not restate the comparable periods. The Company determines if an arrangement is a lease at inception. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.

The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. Lastly, the Company elected the short-term lease exemption for all contracts with lease term of 12 months or less.

At the commencement date of a lease, the Company determines the classification of the lease based on the relevant factors present and records a right-of-use (“ROU”) asset and lease liability for operating lease, and records property and equipment and finance lease liability for finance lease. ROU assets and property and equipment acquired through lease represent the right to use an underlying asset for the lease term, and operating lease liabilities and finance lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are calculated as the present value of the lease payments not yet paid. If the rate implicit in the Company’s leases is not readily available, the Company uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise that option.

Leases with an initial lease term of 12 months or less are not recorded on the consolidated balance sheets. Lease expense for these leases is recognized on a straight-line basis over the lease term.

(m) Land use right

The land use rights represent the operating lease prepayments for the rights to use the land in the PRC under ASC 842. Amortization of the prepayments is provided on a straight-line basis over the terms of the respective land use rights certificates.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(n) Long-term investments

The Company’s long-term investments primarily consist of equity investments without readily determinable fair value, equity method investments.

Pursuant to ASC Topic 321, Investments—Equity Securities (“ASC 321”), equity investments, except for those accounted for under the equity method and those that result in consolidation of the investee and certain other investments, are measured at fair value, and any changes in fair value are recognized in earnings. For equity securities without readily determinable fair value and do not qualify for the existing practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), to estimate fair value using the net asset value per share (or its equivalent) of the investment, the Company elected to use the measurement alternative to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. Equity securities with readily determinable fair value are measured at fair values, and any changes in fair value are recognized in earnings.

For equity investments measured at fair value with changes in fair value recorded in earnings, the Company does not assess whether those securities are impaired. For those equity investments that the Company elects to use the measurement alternative, the Company makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the entity has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the entity has to recognize an impairment loss in net loss equal to the difference between the carrying value and fair value.

Investments in equity investees represent investments in entities in which the Company can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC Subtopic 323-10, Investments-Equity Method and Joint Ventures: Overall (“ASC 323-10”). The Company applies the equity method of accounting that is consistent with ASC 323-10 in limited partnerships in which the Company holds a three percent or greater interest. Under the equity method, the Company initially records its investment at cost and prospectively recognizes its proportionate share of each equity investee’s net profit or loss into its consolidated statements of operations. The difference between the cost of the equity investee and the amount of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill included in equity method investments on the consolidated balance sheets. The Company evaluates its equity method investments for impairment under ASC 323-10. An impairment loss on the equity method investments is recognized in the consolidated statements of operations when the decline in value is determined to be other-than-temporary.

(o) Goodwill

Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. The Company assesses goodwill for impairment in accordance with ASC Subtopic 350-20, Intangibles—Goodwill and Other: Goodwill (“ASC 350-20”), which requires that goodwill to be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events, as defined by ASC 350-20.

The Company has the option to assess qualitative factors first to determine whether it is necessary to perform the quantitative test in accordance with ASC 350-20. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test described above is required. Otherwise, no further testing is required. The quantitative impairment test compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess.

Pursuant to ASC 350-20, in 2020 and 2021, the Company performed assessment and completed its annual impairment test for goodwill that has arisen out of its acquisitions. No impairment loss of goodwill was recognized for the years ended December 31, 2019, 2020 and 2021.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(p) Impairment of long-lived assets

The Company evaluates long-lived assets, such as fixed assets and purchased or internally developed intangible assets with finite lives for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable in accordance with ASC Topic 360, Property, Plant and Equipment. When such events occur, the Company assesses the recoverability of the asset group based on the undiscounted future cash flows the asset group is expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset group plus net proceeds expected from disposition of the asset group, if any, is less than the carrying value of the asset group. If the Company identifies an impairment, the Company reduces the carrying amount of the asset group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values and the impairment loss, if any, is recognized in the consolidated statements of operations.

As of December 31, 2020 and 2021, due to continuing losses and physical condition changed, the Company recorded the long-lived assets impairment amounting to RMB81,619 and RMB109,267 (US$17,146) for relative asset groups, respectively, resulting from excess of the carrying amount of the asset group over the fair value of the asset group. The Company determined the fair value of the asset group using the income approach based on the discounted cash flows associated with the asset group. In 2020, the discounted cash flows were based on a six-year projection for the asset group, which is consistent with the remaining useful life of its principal asset. The discount rate of 13% was derived and used in the valuations which reflect the market assessment of the risks specific to the Company and its industry and is based on its weighted average cost of capital. In 2021, the Company provided full impairment for relative asset groups considering the fair value is immaterial. No impairment was recognized in other asset groups as there was no impairment indicator identified.

The impairment loss reduced the carrying amount of the long-lived assets of the group on a pro-rata basis using the relative carrying amount of those assets except that the loss allocated to an individual long-lived asset of the group shall not reduce the carrying amount of that asset below its fair value whenever that fair value is determinable without undue cost and effort.

The Company recorded impairment charges associated with its long-lived assets and acquired intangibles as follows:


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Impairment of property and equipment	—	35,793	106,311	16,683
Impairment of intangible assets	—	38,654	—	—
Impairment of other non-current assets	—	7,172	2,956	463

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(q) Fair value of financial instruments

The Company’s financial instruments include cash and cash equivalents, restricted cash, short-term investments, accounts receivable and payable, other receivables and payables, bonds payable, short-term and long-term borrowings, available-for-sale investments and convertible promissory notes. Other than the bonds payable, long-term borrowings and convertible promissory notes, the carrying values of these financial instruments approximate their fair values due to their short-term maturities.

The carrying amounts of bonds payable, long-term borrowings and 2026 Convertible Notes (Note 19) approximate their fair values since they bear interest rates which approximate market interest rates. The Company carries the bonds payable at face value less unamortized debt discount and issuance cost on its consolidated balance sheets and measures the fair value for disclosure purposes only. The Company elected the fair value option of 2025 Convertible Notes (Note 19) when it initially recognized as financial liability as the fair value better represents the value of the underlying liabilities. The purchase consideration and contingent purchase considerations in both cash and shares are initially measured at fair value on the acquisition dates of the acquired businesses and the date of grant, respectively, and subsequently remeasured at the end of each reporting period with an adjustment for fair value recorded to the current period income/(expense). Convertible promissory notes are measured at fair value in accordance with ASC 825, Financial Instruments on the issuance date and subsequently remeasured at the end of each reporting period with an adjustment for fair value recorded to the current period income/(expense), however, any fair value changes related to instrument-specific credit risk are recorded to other comprehensive income/(loss).

(r) Revenue recognition

The Company provides hosting and related services including hosting of customers’ servers and networking equipment, connecting customers’ servers with internet backbones (“Hosting service”), virtual private network services providing encrypted secured connection to public internet (“VPN service”) and other value-added services and public cloud service through strategic partnership with Microsoft.

The Company recognizes revenue as it satisfies a performance obligation when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer.

Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Company recognizes revenue based on the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied.

The Company is a principal and records revenue on a gross basis when the Company is primarily responsible for fulfilling the service, has discretion in establishing pricing and controls the promised service before transferring that service to customers. Otherwise, the Company records revenue at the net amounts as commissions.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(r) Revenue recognition (continued)

The Company’s revenue recognition policies are as follows:

Hosting services are services that the Company dedicates data center space to house customers’ servers and networking equipment and provides tailored server administration services including operating system support and assistance with updates, server monitoring, server backup and restoration, server security evaluation, firewall services, and disaster recovery. The Company also provides interconnectivity services to connect customers with each other, internet backbones in China and other networks through Border Gateway Protocol, or BGP, network, or single-line, dual-line or multiple-line networks. Through the acquisition of BJ TenxCloud in 2021, the Company also provides digitalization solution services based on in-house developed cloud native platform to customers as an expanded value-added service of its Hosting services. Hosting services are typically provided to customers for a fixed amount over the contract service period and the related revenues are recognized on a straight-line basis over the term of the contract. For certain contracts where considerations are based on the usage of the Hosting services, the related revenues are recognized based on the consumption at the predetermined rate as the services are rendered throughout the contact term. For the digitalization solution services provided from 2021, the Company primarily fulfills its performance obligation by delivering the customized cloud native platform and the revenue is recognized at the point in time when the platform is accepted by the customer. The Company is a principal and records revenue for Hosting service on a gross basis.

VPN services are services that the Company extends customers’ private networks by setting up secure and dedicated connections through the public internet. VPN services are provided to customers for a fixed amount over the contract service period and revenue are recognized on a straight-line basis over the term of the contract. The Company is a principal and records revenue for VPN service on a gross basis.

The Company partners with Microsoft to provide Cloud services that allow enterprise and individual customers to run their applications over the internet using the IT infrastructure. Cloud services are generally charged by the Company to the end customers for a fixed amount or based on the actual usage of the cloud resources at predetermined rates over the subscription period, which in general is one year. The Company fulfils its performance obligation of facilitating Microsoft to provide the Cloud services to the end customers by providing, but not limited to, contract processing management, billing, payment collection, maintenance, help desk supports and certain IT infrastructure services. These are considered as a series of distinct services that are substantially the same and have the same pattern of transfer to the customer; therefore, they are accounted for as a single performance obligation that is satisfied over time. The corresponding consideration that the Company is entitled to is recognized as revenue using a time-based method since this best depicts the pattern of the control transfer. Revenue from Cloud services consists of monthly incentive revenues received from Microsoft upon completion of certain conditions and gross billing amount received from end customers net of considerations remitted by the Company to Microsoft. When the contract is modified to add distinct services to the single performance obligation for additional fees, such changes are accounted for prospectively as a termination of the old contract and the creation of a new contract.

For certain arrangements, customers are required to pay the Company before the services are delivered. When either party to a revenue contract has performed, the Company recognizes a contract asset or a contract liability in the consolidated balance sheets, depending on the relationship between the Company’s performance and the customer’s payment. Contract liabilities were mainly related to fee received for Hosting services to be provided over the contract period, which were presented as deferred revenue on the consolidated balance sheets.

Deferred revenue represented the Company’s obligation to transfer the goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. As of December 31, 2020 and 2021, the Company has deferred revenue amounting up to RMB63,245 and RMB55,695 (US$8,740), respectively. Revenue recognized from opening deferred revenue balance was RMB53,499 (US$8,395) for the year ended December 31, 2021.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(r) Revenue recognition (continued)

The Company’s certain Hosting service contains lease and non-lease components. The Company elected to adopt the practical expedient which allows lessors to combine lease and non-lease components and account for them as one component if 1) the timing and pattern of transfer of the lease component and non-lease component is the same; 2) the lease component should be classified as an operating lease if it were accounted for separately. The combined component is accounted for in accordance with the current lease accounting guidance (“ASC 842”) if the lease component is predominant, and in accordance with the ASC 606 if the non-lease component is predominant. The Company has determined that the non-lease component is the predominant component in Hosting service. Therefore, the Company has accounted for the combined component in accordance with ASC 606.

The Company does not disclose the value of unsatisfied performance obligations as the Company’s revenue contracts are (i) contracts with an original expected length of one year or less or (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

(s) Cost of revenues

Cost of revenues consists primarily of telecommunication costs, depreciation of the Company’s long-lived assets, amortization of acquired intangible assets, maintenance, data center rental expenses directly attributable to the provision of the IDC services, payroll and other related costs of operations.

(t) Advertising expenditures

Advertising expenditures are expensed as incurred and are included in sales and marketing expenses, which amounted to RMB6,095, RMB7,779 and RMB7,272 (US$1,141) for the years ended December 31, 2019, 2020 and 2021, respectively.

(u) Research and development expenses

Research and development expenses consist primarily of payroll and related personnel costs for routine upgrades and related enhancements of the Company’s services and network. Research and development expenses are expensed as incurred except for costs to develop internal-use software or add significant upgrades and enhancements resulting in additional functionality to internal-use software that meet the capitalization criteria in accordance with ASC Subtopic 350-40, Intangibles-Goodwill and Other, Internal-Use Software.

(v) Government grants

Government grants are provided by the relevant PRC municipal government authorities to subsidize the cost of certain research and development projects. The amount of such government grants is determined solely at the discretion of the relevant government authorities and there is no assurance that the Company will continue to receive these government grants in the future. Government grants are recognized when it is probable that the Company will comply with the conditions attached to them, and the grants are received. When the grant relates to an expense item, it is recognized in the consolidated statement of operations over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate, as a reduction of the related operating expense. When the grant relates to an asset, it is recognized as deferred government grants and released to the consolidated statement of operations in equal amounts over the expected useful life of the related asset, when operational, as a reduction of the related depreciation expense.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(w) Capitalized interest

Interest costs are capitalized if they are incurred during the acquisition, construction or production of a qualifying asset and such costs could have been avoided if expenditures for these assets have not been made.

As a result of total interest costs capitalized during the period, the interest expense for the years ended December 31, 2019, 2020 and 2021, was as follows:


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Interest expense and amortization cost of bonds payable	223,832	223,785	133,959	21,021
Interest expense and amortization cost of 2025 and 2026 Convertible Notes (Note 19)	—	18,880	25,919	4,067
Interest expense on bank and other borrowings	14,212	39,424	103,925	16,308
Interest expense on finance leases	120,185	130,196	124,567	19,547
Total interest costs	358,229	412,285	388,370	60,943
Less: Total interest costs capitalized	(12,274)	(31,676)	(53,420)	(8,382)
Interest expense, net	345,955	380,609	334,950	52,561

(x) Income taxes

The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The carrying amount of deferred tax assets is reviewed on an entity-by-entity basis and is reduced by a valuation allowance to the extent that it is more-likely-than-not that the benefits of the deferred tax assets will not be realized in future years. The valuation allowance is determined based on the weight of positive and negative evidence including future reversals of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences, and verifiable tax planning. The estimated future taxable income involves significant assumptions of forecasted revenue growth that take into consideration of the Company’s historical financial results, its plan of expanding operating capacity as well as current industry trends. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date of the change in tax rate. All deferred income tax assets and liabilities are classified as non-current on the consolidated balance sheets.

The Company applies ASC Topic 740, Accounting for Income Taxes (“ASC 740”), to account for uncertainty in income taxes. ASC 740 prescribes a recognition threshold a tax position is required to meet before being recognized in the financial statements.

The Company has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of “income tax expenses” in the consolidated statements of operations.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(y) Share-based compensation

Share options and Restricted Share Units (“RSUs”) granted to employees are accounted for under ASC Topic 718, Compensation—Stock Compensation (“ASC 718”), which requires that share-based awards granted to employees be measured based on the grant date fair value and recognized as compensation expenses over the requisite service period and/or performance period (which is generally the vesting period) in the consolidated statements of operations. The Company accounts for forfeitures as they occur.

The Company has elected to recognize compensation expenses using the straight-line method for share-based awards granted with service conditions that have a graded vesting schedule. For share-based awards granted with performance conditions, the Company recognizes compensation expenses using the accelerated method. The Company commences recognition of the related compensation expenses if it is probable that the defined performance condition will be met. To the extent that the Company determines that it is probable that a different number of share-based awards will vest depending on the outcome of the performance condition, the cumulative effect of the change in estimate is recognized in the period of change. For share-based awards with market conditions, the probability to achieve market conditions is reflected in the grant date fair value. The Company recognized the related compensation expenses when the requisite service is rendered using the accelerate method.

On November 26, 2016, the Board approved a new incentive program to certain individuals with a new bonus scheme which will be settled by issuing a variable number of shares with a fair value equal to fixed dollar amount on the settlement date. The Company remeasures the fair value of such liability at each reporting period end through earnings until the actual settlement date, which is the date when the number of underlying shares were fixed and recorded the compensation cost over the remaining vesting term.

A cancellation of the terms or conditions of an equity award under original award in exchange for a new award should be treated as modification. The compensation costs associated with the modified awards are recognized if either the original vesting conditions or the new vesting conditions have been achieved. Total recognized compensation cost for the awards is at least equal to the fair value of the original awards at the grant date unless at the date of the modification the performance or service conditions of the original awards are not expected to be satisfied. The incremental compensation cost is measured as the excess of the fair value of the replacement awards over the fair value of original awards at the modification date. Therefore, in relation to the modified awards, the Company recognizes share-based compensation over the vesting periods of the new awards, which comprises (i) the amortization of the incremental portion of share-based compensation over the remaining vesting term, and (ii) any unrecognized compensation cost of original awards, using either the original term or the new term, whichever results in higher expenses for each reporting period. For a modification of a market condition, the incremental portion of share-based compensation and unrecognized compensation cost of original award are recognized over new vesting period. For modification of a liability award that remains a liability after modification, the liability award continues to be remeasured at fair value at each reporting date.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(z) (Loss) Earnings per share

In accordance with ASC Topic 260, Earnings per Share (“ASC 260”), basic (loss) earnings per share is computed by dividing net (loss) earnings attributable to ordinary shareholders by the weighted average number of unrestricted ordinary shares outstanding during the year using two-class method. Under the two-class method, net (loss) earnings is allocated between ordinary shares and participating securities based on their participating rights. The Company’s series A preferred shares (Note 18) are participating securities. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders using two-class method as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Contingently issuable shares, including performance-based share awards and contingent considerations to be settled in shares, are included in the computation of basic (loss) earnings per share only when there is no circumstance under which those shares would not be issued. Contingently issuable shares are included in the denominator of the diluted loss per share calculation as of the beginning of the period or as of the inception date of the contingent share arrangement, if later, only when dilutive and when all the necessary conditions have been satisfied as of the reporting period end. For contracts that may be settled in ordinary shares or in cash at the election of the Company, share settlement is presumed, pursuant to which incremental shares relating to the number of shares that would be required to settle the contract are included in the denominator of diluted loss per share calculation if the effect is more dilutive. Ordinary equivalent shares consist of the ordinary shares issuable upon the exercise of the share options, using the treasury stock method and shares issuable upon the conversion of the company’s series A preferred shares and convertible promissory notes using if converted method. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects would be anti-dilutive.

(aa) Share repurchase program

Pursuant to the Board of Directors’ resolutions on December 2, 2019, the Company’s management is authorized to repurchase, in one or more tranches, up to an aggregate of US$20,000 of its own outstanding shares (including shares represented by ADSs) (each such transaction a “Repurchase”) over a period of 13 months ended on December 31, 2020.

The Company accounted for the repurchased shares as Treasury Stock at cost in accordance to ASC Subtopic 505-30, Treasury Stock (“ASC 505-30”), and the share repurchase is shown separately in the consolidated statement of shareholder’s equity, as the Company has not yet decided on the ultimate disposition of those ADSs acquired. When the Company decides to retire the treasury stock, the difference between the original issuance price and the repurchase price is debited into accumulated deficit.

For the years ended December 31, 2019 and 2020, the Company repurchased 242,830 and nil ADSs under above program for a consideration of RMB11,840 and nil, respectively.

(bb) Comprehensive (loss) income

Comprehensive (loss) income is defined as the (decrease) increase in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Accumulated other comprehensive loss of the Company includes only foreign currency translation adjustments related to the Company and its overseas subsidiaries, whose functional currency is US$.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(cc) Segment reporting

In accordance with ASC Topic 280, Segment Reporting (“ASC 280”), the Company had one reportable segment since the Company’s chief executive officer, who has been identified as the Company’s chief operating decision-maker (“CODM”) formerly relied on the results of operations of hosting and related services when making decisions on allocating resources and assessing performance of the Company, and the CODM reviews the operation result of the Company as a whole. Hosting and related services business focuses primarily on colocation, interconnectivity, cloud, VPN, hybrid IT and other value-added services.

As of December 31, 2019, 2020 and 2021, the Company only had one reporting segment. Because substantially all of the Company’s long-lived assets and revenues are located in and derived from the PRC, geographical segments are not presented.

(dd) Employee benefits

The full-time employees of the Company’s PRC subsidiaries are entitled to staff welfare benefits including medical care, housing fund, pension benefits and unemployment insurance, which are governmental mandated defined contribution plans. These entities are required to accrue for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant PRC regulations, and make cash contributions to the state-sponsored plans out of the amounts accrued.

(ee) Comparatives

Certain items reported in the prior year’s consolidated financial statements have been reclassified to conform with the current year’s presentation.

(ff) Recent accounting pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which is elective, and provides for optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating the impact of reference rate reform and potential impact of adoption of these elective practical expedients on its condensed consolidated financial statements and will consider the impact of adoption during its analysis.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) and require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments apply to all entities that enter into a business combination within the scope of Subtopic 805-10, Business Combinations—Overall. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and it should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company is evaluating the impact of adopting this new standard will have on its consolidated financial statements.

CONCENTRATION OF RISKS

12 Months Ended

Dec. 31, 2021

CONCENTRATION OF RISKS

CONCENTRATION OF RISKS

3. CONCENTRATION OF RISKS

(a) Credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments, accounts receivable, other receivables and amounts due from related parties. As of December 31, 2020 and 2021, the aggregate amount of cash and cash equivalents, restricted cash and short-term investments of RMB1,419,855 and RMB1,410,271 (US$221,303), respectively, were held at major financial institutions located in the PRC, and US$303,824 and US$46,794 (RMB298,202), respectively, were deposited with major financial institutions located outside the PRC. Management believes that these financial institutions are of high credit quality and continually monitors the credit worthiness of these financial institutions. Historically, deposits in Chinese banks are secure due to the state policy on protecting depositors’ interests. However, China promulgated a new Bankruptcy Law in August 2006 that came into effect on June 1, 2007, which contains a separate article expressly stating that the State Council may promulgate implementation measures for the bankruptcy of Chinese banks based on the Bankruptcy Law. Under the new Bankruptcy Law, a Chinese bank may go into bankruptcy. In addition, since China’s concession to the World Trade Organization, foreign banks have been gradually permitted to operate in China and have been significant competitors against Chinese banks in many aspects, especially since the opening of the Renminbi business to foreign banks in late 2006. Therefore, the risk of bankruptcy of those Chinese banks in which the Company has deposits has increased. In the event of bankruptcy of one of the banks which holds the Company’s deposits, the Company is unlikely to claim its deposits back in full since the bank is unlikely to be classified as a secured creditor based on PRC laws.

(b) Business, supplier, customer, and economic risk

The Company participates in a relatively dynamic and competitive industry that is heavily reliant operation excellence of the services. The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, result of operations or cash flows:

(i)Business Risk—Third parties may develop technological or business model innovations that address data center and network requirements in a manner that is, or is perceived to be, equivalent or superior to the Company’s services. If competitors introduce services that compete with, or surpass the quality, price or performance of the Company’s services, the Company may be unable to renew its agreements with existing customers or attract new customers at the prices and levels that allow the Company to generate reasonable rates of return on its investment.

3. CONCENTRATION OF RISKS (CONTINUED)

(b) Business, supplier, customer, and economic risk (continued)

(ii)Supplier Risk—The Company’s operations are dependent upon bandwidth and cabinet capacity provided by the third-party telecom carriers. There can be no assurance that the Company will be able to secure the cabinet and bandwidth supply from the third-party telecom carriers, neither the Company is adequately prepared for unexpected increases in bandwidth demands by its customers. The communications capacity the Company has leased, include cabinet and bandwidth, may become unavailable for a variety of reasons, such as physical interruption, technical difficulties, contractual disputes, or the financial health of its third-party providers. Any failure of these network providers to provide the capacity the Company requires may result in a reduction in, or interruption of, service to its customers. A significant portion of the Company’s total bandwidth and cabinet resources are purchased from its five largest suppliers, who collectively accounted for 21%, 39% and 39% of the Company’s total bandwidth and cabinet resources for the years ended December 31, 2019, 2020 and 2021, respectively.

(iii)Customer Risk—The success of the Company’s business going forward will rely in part on Company’s ability to continue to obtain and expand business from existing customers while also attracting new customers. The Company has a diversified base of customers covering its services and the revenue from the largest single entity customer accounted for less than 8% of the Company’s total net revenues for the year ended December 31, 2019, and two and one single entity customer generated more than 10% of the Company’s total net revenues for the years ended December 31, 2020 and 2021, respectively. Certain customers are local subsidiaries of a telecommunication carrier in China, which the Company views as separate customers as it negotiates with, maintain and support each of these entities given that each of them has the separate decision-making authority and services procurement budget. None of these customers on a stand-alone basis contributed more than 2% of the Company’s revenues in any given year but in the aggregate, they contributed approximately 4%, 3% and 6% of the Company’s total revenues for the years ended December 31, 2019, 2020 and 2021, respectively.

(iv)Political, economic and social uncertainties—The Company’s operations could be adversely affected by significant political, economic and social uncertainties in the PRC. Although the PRC government has been pursuing economic reform policies for more than 20 years, no assurance can be given that the PRC government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption or unforeseen circumstances affecting the PRC political, economic and social conditions. There is also no guarantee that the PRC government’s pursuit of economic reforms will be consistent or effective.

(v)Regulatory restrictions—The applicable PRC laws, rules and regulations currently prohibit foreign ownership of companies that provide internet related services, including hosting and related services. Accordingly, the Company’s subsidiary, VNET China, is currently ineligible to apply for the required licenses for providing IDC services in China. As a result, the Company operates its IDC services in the PRC through its Consolidated VIEs which holds the licenses and permits required to provide IDC services in the PRC. The PRC Government may also choose at anytime to block access to certain website operators which could also materially impact the Company’s ability to generate revenue.

3. CONCENTRATION OF RISKS (CONTINUED)

The Company transacts substantially all its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual-rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China (the “PBOC”). However, the unification of the exchange rates does not imply that the RMB may be readily convertible into US$ or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts.

(d) Foreign currency exchange rate risk

From July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. The depreciation (appreciation) of the RMB against US$ was approximately 1.6%, (6.5%) and (2.3%) in the years ended December 31, 2019, 2020 and 2021, respectively.

(e) Interest rate risk

The Company is exposed to interest rate risk on its interest-bearing assets and liabilities. As part of its asset and liability risk management, the Company reviews and takes appropriate steps to manage its interest rate exposures on its interest-bearing assets and liabilities. The Company has not been exposed to material risks due to changes in market interest rates, and not used any derivative financial instruments to manage the interest risk exposure during the periods presented.

ACQUISITION AND DISPOSAL OF SUBSIDIARIES

12 Months Ended

Dec. 31, 2021

ACQUISITION AND DISPOSAL OF SUBSIDIARIES

ACQUISITION AND DISPOSAL OF SUBSIDIARIES

4. ACQUISITION AND DISPOSAL OF SUBSIDIARIES

Acquisitions in 2021

BJ TenxCloud

On July 15, 2021,to strengthen the Company’s leading position in carrier- and cloud-neutral IDC services, the Company through its wholly-owned subsidiary, SZ Cloud Native, acquired 100% of the equity interests in BJ TenxCloud from third party selling shareholders, for a total consideration of RMB414,743 (US$65,082), which consisted of cash consideration of RMB199,790 (US$31,351) and share-settled liabilities with estimated fair value of RMB214,953 (US$33,731) as of July 15, 2021. The estimated fair value of share-settled liabilities was RMB214,577 (US$33,672) as of December 31, 2021, which was included as share consideration due to the original shareholders for business combination in accrued expenses and other payables of the Company’s consolidated balance sheet. BJ TenxCloud primarily provides cloud native applications and data platform services. As BJ TenxCloud is in operations and possess all the elements that are necessary to conduct normal operations as a business, such acquisition is accounted for as a business combination.

In addition, the Company is obligated to pay cash of RMB70,000 (US$10,985) and to issue various numbers of the shares of the Company or its subsidiary with estimated fair value of RMB167,342 (US$20,260) as of December 31, 2021 to certain selling shareholders who will remain as the key employees of BJ TenxCloud, determinable based on achievements of the financial and operational targets by BJ TenxCloud during various post-acquisition periods. As such cash and share-based payments will be forfeited if these key employees cease their employments with the Company, the Company recognized these payments as compensation costs over the requisite service periods ranging from 12 months to 36 months. The Company classified the share-based payments as liability classified share-based payments of RMB55,156 (US$8,655) as of December 31, 2021, which are included in accrued expenses and other payables of the Company’s consolidated balance sheet and are remeasured at fair value through earnings. The related compensation for post-acquisition services provided by the employees is accounted as compensation and recorded in the Company’s consolidated statements of operations (Note 24(c)).

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed as of the date of acquisition:


	RMB	US$
Property and equipment, net	470	74
Operating lease right-of-use assets, net	2,376	373
Technology platform (Note 9)	27,800	4,362
Customer relationship (Note 9)	19,000	2,982
Deferred tax assets	11,097	1,741
Other current assets	52,328	8,210
Total assets acquired	113,071	17,742
Other current liabilities	(29,395)	(4,612)
Operating lease liabilities	(2,500)	(392)
Deferred tax liabilities	(11,097)	(1,741)
Total liabilities assumed	(42,992)	(6,745)
Net assets acquired	70,079	10,997
Purchase consideration	414,743	65,082
Goodwill	344,664	54,085

The revenue and net profit of BJ TenxCloud since the acquisition date included in the consolidated statement of operations for the year ended December 31, 2021 were RMB91,038 (US$14,286) and RMB9,351 (US$1,467), respectively. The goodwill, which is not tax deductible, is primarily attributable to synergies expected to be achieved from the acquisition.

The pro forma results of revenue and earnings of the acquiree as if the combinations occurred as of the beginning of the comparable prior annual reporting period of the acquiree were not presented because the effects of the business combination was not significant to the Company’s consolidated results of operations.

4. ACQUISITION OF SUBSIDIARIES (CONTINUED)

Acquisitions in 2021 (continued)

Zhongke Zijing

On August 16, 2021, the Company through its subsidiary, Jiwa Engineering BJ acquired 100% of the equity interests in Zhongke Zijing at a total cash consideration of RMB151,884 (US$23,834). The purpose of the acquisition is to establish data center with the acquired property. As Zhongke Zijing does not possess all the elements that are necessary to conduct normal operations as a business and had not yet commenced operations, such acquisition is accounted for as an acquisition of assets. The carrying amounts of the net identifiable assets of Zhongke Zijing as of the date of acquisition were as follows:


	RMB	US$
Net assets acquired:
Operating permits (Note 9)	203,586	31,947
Land use rights, net (Note 10)	36,013	5,651
Other non-current assets	7,349	1,154
Cash and cash equivalents	3	—
Other current assets	21,017	3,298
Other current liabilities	(65,125)	(10,219)
Deferred tax liabilities	(50,959)	(7,997)
Total consideration in cash	151,884	23,834

SH Hesheng

On November 11, 2021, the Company through its subsidiary, SH Shilian acquired 100% of the equity interests in SH Hesheng at a total cash consideration of RMB137,557 (US$21,586). The purpose of the acquisition is to acquire the assets and operating permits. As SH Hesheng does not possess all the elements that are necessary to conduct normal operations as a business and had not yet commenced operations, such acquisition is accounted for as an acquisition of assets. The carrying amounts of the net identifiable assets of SH Hesheng as of the date of acquisition were as follows:


	RMB	US$
Net assets acquired:
Operating permits (Note 9)	27,646	4,338
Property and equipment, net	94,148	14,774
Operating lease right-of-use assets, net	20,929	3,284
Other non-current assets	872	136
Cash and cash equivalents	423	66
Other current assets	25,646	4,025
Operating lease liabilities	(20,292)	(3,184)
Other current liabilities	(962)	(150)
Deferred tax liabilities	(10,853)	(1,703)
Total consideration in cash	137,557	21,586

4. ACQUISITION OF SUBSIDIARIES (CONTINUED)

Acquisitions in 2020

BJ JHC

On November 17, 2020, the Company through its subsidiaries, YF WOFE and 21Vianet Saturn, acquired 100% equity interests in Splendid Oriental Limited (“Splendid”) which controls BJ JHC and its subsidiary BJ ST at a total cash consideration of RMB432,015. Among which, RMB200,000 is refundable if certain conditions are not achieved and is accounted as contingent consideration. The purpose of the transaction is to establish a new data center. As Splendid, BJ JHC and BJ ST do not possess all the elements that are necessary to conduct normal operations as a business and had not yet commenced operations, such acquisition is accounted for as an acquisition of assets. As of December 31, 2021, certain conditions in relation to RMB200,000 are not met and the corresponding asset is not recognized until the contingency is resolved. The carrying amount of the net identifiable assets were as follows:


		RMB
Net assets acquired:
Property and equipment, net		279,556
Operating permits (Note 9)		110,418
Customer contract (Note 9)		33,208
Operating lease right-of-use assets, net		112,398
Deferred tax assets		3,150
Other non-current assets		4,428
Cash and cash equivalents		30,319
Other current assets		8,833
Other current liabilities		(90,805)
Operating lease liabilities		(120,120)
Finance lease liabilities		(84,082)
Deferred tax liabilities		(55,288)
Total consideration in cash		232,015

4. ACQUISITION OF SUBSIDIARIES (CONTINUED)

Acquisitions in 2020 (continued)

SH Shuzhong

On June 30, 2020, as part of its business strategy to expand the existing hosting service, the Company through its subsidiary, SH Shilian, acquired 100% of the equity interests in SH Shuzhong which primarily provides internet data center service from a third party selling shareholder, for a total cash consideration of RMB36,667. As SH Shuzhong is in operations and possess all the elements that are necessary to conduct normal operations as a business, such acquisition is accounted for as business combination.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed as of the date of acquisition:


		RMB
Property and equipment, net		348,475
Operating lease right-of-use assets, net		81,034
Customer contract (Note 9)		33,500
Purchased software		23
Deferred tax assets		14,848
Other non-current assets		1,685
Other current assets		44,774
Total assets acquired		524,339
Other current liabilities		(406,932)
Operating lease liabilities		(45,034)
Deferred tax liabilities		(41,169)
Total liabilities assumed		(493,135)
Net assets acquired		31,204
Purchase consideration		36,667
Goodwill		5,463

4. ACQUISITION AND DISPOSAL OF SUBSIDIARIES (CONTINUED)

Acquisitions in 2020 (continued)

Shulifang

On June 24, 2020, the Company through its subsidiary, SH Shilian, entered into a share purchase agreement to acquire 100% equity interests in Shulifang at a total cash consideration of RMB43,000 in installment upon achievement of certain conditions which is accounted as contingent consideration and the corresponding asset will only be recognized when the contingency is resolved. The purpose is to establish a new data center. As Shulifang does not possess all the elements that are necessary to conduct normal operations as a business and had not yet commenced operations, such acquisition is accounted for as an acquisition of assets. The transaction was closed on July 21, 2020. As of December 31, 2020 and 2021, the condition of the last contingent consideration amounted to RMB10,000 were not yet met. The contingent consideration obligation is not accounted for until the contingency is resolved. Carrying amount of the net identifiable assets of Shulifang as of the acquisition date were as follows:


		RMB
Net assets acquired:
Operating permits (Note 9)		45,134
Operating lease right-of-use assets, net		15,206
Other non-current assets		15,409
Cash and cash equivalents		53
Other current assets		601
Operating lease liabilities		(15,206)
Other current liabilities		(16,913)
Deferred tax liabilities		(11,284)
Total consideration in cash		33,000

4. ACQUISITION AND DISPOSAL OF SUBSIDIARIES (CONTINUED)

Acquisitions in 2020 (continued)

LF Huahai

On September 11, 2020 and October 28, 2020, the Company through its subsidiaries, SH Shilian and VNET Venus International Investment Limited (“VNET Venus”), acquired 69.93% and 30.07% equity interests in LF Huahai at a total cash consideration of RMB59,500 and RMB25,500, respectively. The purpose is to establish a new data center with the acquired property. As LF Huahai does not possess all the elements that are necessary to conduct normal operations as a business and had not yet commenced operations, such acquisition is accounted for as an acquisition of assets. Carrying amount of the net identifiable assets of LF Huahai as of the acquisition date were as follows:


		RMB
Net assets acquired:
Operating permits (Note 9)		119,352
Operating lease right-of-use assets, net		183,174
Other non-current assets		27,524
Cash and cash equivalents		173
Other current assets		4,088
Other current liabilities		(35,600)
Operating lease liabilities		(183,873)
Deferred tax liabilities		(29,838)
Total consideration in cash		85,000

ACCOUNTS AND NOTES RECEIVABLE, NET

12 Months Ended

Dec. 31, 2021

ACCOUNTS AND NOTES RECEIVABLE, NET

ACCOUNTS AND NOTES RECEIVABLE, NET

5. ACCOUNTS AND NOTES RECEIVABLE, NET

Accounts and notes receivable and the allowance for doubtful debt consisted of the following:


	As of December 31,
	2020	2021
	RMB	RMB	US$
Accounts receivable	913,902	1,504,669	236,115
Notes receivable	2,252	948	150
Allowance for doubtful debt	(68,921)	(99,620)	(15,633)
	847,233	1,405,997	220,632

As of December 31, 2020 and 2021, all accounts and notes receivable were due from third party customers. An analysis of the allowance for doubtful debt was as follows:


	For the years ended December 31,
	2020	2021
	RMB	RMB	US$
Balance at beginning of the year	67,828	68,921	10,816
Cumulative adjustment for changes in accounting policy	2,740	—	—
Additional due to business combination	—	16,256	2,251
Additional provision charged to expense	2,393	14,990	2,352
Write-off of accounts receivable	(4,040)	(547)	(86)
Balance at the end of the year	68,921	99,620	15,633

SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2021

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS

6. SHORT-TERM INVESTMENTS

Short-term investments consisted of the following as of December 31, 2020 and 2021:

The Company recorded interest income related to its short-term investments amounting to RMB8,687, RMB5,712 and RMB894 (US$140) for the years ended December 31, 2019, 2020 and 2021, respectively, in the consolidated statements of operations.

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2021

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS

7. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following:


	As of December 31,
	2020	2021
	RMB	RMB	US$
Prepaid expenses	884,156	942,990	147,975
Tax recoverable	879,237	964,262	151,313
Deposits	31,774	68,887	10,809
Loan to third parties	19,107	17,492	2,745
Staff advances	968	1,561	245
Interest receivables	1,484	728	114
Others	49,458	53,991	8,472
	1,866,184	2,049,911	321,673

Prepaid expenses mainly represented the unamortized portion of prepayments made to Microsoft for the cloud computing services, the prepayments to telecommunication operators for bandwidth, data centers or cabinets and the prepayments for office expense.

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2021

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

8. PROPERTY AND EQUIPMENT, NET

Property and equipment, including those held under finance leases, consisted of the following:


	As of December 31,
	2020	2021
	RMB	RMB	US$
At cost:
Property	1,511,429	1,778,377	279,066
Leasehold improvements	2,609,828	3,302,883	518,294
Computer and network equipment	4,899,577	5,923,149	929,471
Optical fibers	142,723	142,723	22,396
Office equipment	26,845	32,561	5,110
Motor vehicles	2,668	3,959	621
	9,193,070	11,183,652	1,754,958
Less: Accumulated depreciation	(3,285,138)	(4,206,943)	(660,160)
	5,907,932	6,976,709	1,094,798
Construction-in-progress	2,234,286	3,239,407	508,334
Impairment	(35,793)	(123,697)	(19,411)
Property and equipment, net	8,106,425	10,092,419	1,583,721

8. PROPERTY AND EQUIPMENT, NET (CONTINUED)

Depreciation expense was RMB696,528, RMB908,387 and RMB1,164,725 (US$182,771) for the years ended December 31, 2019, 2020 and 2021, respectively, and were included in the following captions:


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Cost of revenues	644,108	850,746	1,107,655	173,815
Sales and marketing expenses	2,107	2,399	963	151
General and administrative expenses	30,110	29,711	23,186	3,639
Research and development expenses	20,203	25,531	32,921	5,166
	696,528	908,387	1,164,725	182,771

The carrying amounts of the Company’s property and equipment held under finance leases at respective balance sheet dates were as follows:


	As of December 31,
	2020	2021
	RMB	RMB	US$
Property	921,970	993,158	155,848
Computer and network equipment	1,019,588	823,625	129,245
Optical fibers	137,924	137,924	21,643
	2,079,482	1,954,707	306,736
Less: Accumulated depreciation	(661,796)	(629,927)	(98,849)
	1,417,686	1,324,780	207,887
Construction-in-progress	92,545	—	—
Impairment	(17,613)	(17,377)	(2,727)
	1,492,618	1,307,403	205,160

Depreciation of property, computer and network equipment and optical fibers under finance leases was RMB216,664, RMB255,458 and RMB274,052 (US$43,005) for the years ended December 31, 2019, 2020 and 2021, respectively.

The carrying amounts of property and equipment pledged by the Company to secure borrowings (Note 14) granted to the Company at the respective balance sheet dates were as follows:


	As of December 31,
	2020	2021
	RMB	RMB	US$
Property	264,784	253,979	39,855
Leasehold improvements	90,947	160,959	25,258
Computer and network equipment	40,871	159,909	25,093
Office equipment	—	660	104
Construction-in-progress	238,771	—	—

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2021

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

9. INTANGIBLE ASSETS, NET

The following table presented the Company’s intangible assets as of the respective balance sheet dates:


		Radio									Internal
	Purchased	spectrum	Operating	Technology	Customer		Supplier	Trade	Customer	Non-Complete	use
	software	license	Permits	Platform	relationships	Licenses	relationships	names	contract	Agreement	software	Total
	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB
Intangible assets,Cost December 31, 2020	154,617	126,049	375,283	10,250	238,184	5,772	39,053	116,266	109,717	1,800	47,480	1,224,471
Accumulated Amortization 2020	(112,715)	(73,543)	(8,325)	(10,250)	(174,998)	(2,658)	(28,132)	(37,302)	(46,611)	(1,800)	(31,288)	(527,622)
Impairment	—	(38,654)	—	—	—	—	—	—	—	—	—	(38,654)
Intangible assets, Net December 31, 2020	41,902	13,852	366,958	—	63,186	3,114	10,921	78,964	63,106	—	16,192	658,195
Intangible assets, Cost December 31, 2021	177,421	123,167	625,129	38,050	257,183	5,772	39,053	116,266	109,717	1,800	58,902	1,552,460
Accumulated Amortization 2021	(122,239)	(74,056)	(24,830)	(12,777)	(203,356)	(3,043)	(31,206)	(43,115)	(55,897)	(1,800)	(42,036)	(614,355)
Impairment	—	(37,770)	—	—	—	—	—	—	—	—	—	(37,770)
Intangible assets, Net December 31, 2021	55,182	11,341	600,299	25,273	53,827	2,729	7,847	73,151	53,820	—	16,866	900,335
Intangible assets, Net December 31, 2021 (US$)	8,659	1,780	94,200	3,966	8,447	428	1,231	11,479	8,446	—	2,646	141,282

Radio spectrum license represented the spectrum license awarded by the Hong Kong Telecommunication Authority. Operating permits relate to the government authorized high-capacity utilities from the assets acquisitions (Note 4). Customer relationships relate to the relationships that arose as a result of existing customer agreements acquired and is derived from the estimated net cash flows that are expected to be derived from the expected renewal of these existing customer agreements after subtracting the estimated net cash flows from other contributory assets. Licenses mainly represented the telecommunication service license in relation to virtual private network services. Supplier relationships relate to the relationships that arose as a result of existing bandwidth supply agreements with certain network operators, which were valued using a replacement cost method given the relative ease of replacement. Trade names mainly relate to the trade names of Dermot Entities. Customer contract related to existing customer agreements acquired and is derived from the estimated net cash flows that are expected to be derived over the contractual period of the existing customer agreements after subtracting the estimated net cash flows from other contributory assets. Technology platform relates to the TenxCloud Cloud Native Application Platform and Kubedata platform from acquisition of BJ TenxCloud (Note 4) in 2021 and platform software from acquisition of iJoy BVI in 2013.

9. INTANGIBLE ASSETS, NET (CONTINUED)

The intangible assets are amortized using the straight-line method, which is the Company’s best estimate of how these assets will be economically consumed over their respective estimated useful lives ranging from 1 to 36 years.

Amortization expenses were approximately RMB71,028, RMB72,690 and RMB94,751 (US$14,868) for the years ended December 31, 2019, 2020 and 2021, respectively.

The annual estimated amortization expenses for the intangible assets for each of the next five years are as follows:


	RMB	US$
2022	101,092	15,864
2023	84,724	13,295
2024	53,751	8,435
2025	33,932	5,325
2026	34,956	5,485
	308,455	48,404

LAND USE RIGHTS, NET

12 Months Ended

Dec. 31, 2021

LAND USE RIGHTS, NET

LAND USE RIGHTS, NET

10. LAND USE RIGHTS, NET

Land use rights held by the Company represent operating lease prepayments and are amortized over the remaining term of the respective rights.


	As of December 31,
	2020	2021
	RMB	RMB	US$
Cost	278,138	368,101	57,763
Accumulated amortization	(22,765)	(30,866)	(4,843)
Land use rights, net	255,373	337,235	52,920

The carrying amounts of land use rights pledged by the Company to secure borrowings (Note 14) granted to the Company at the respective balance sheet dates were as follows:

GOODWILL

12 Months Ended

Dec. 31, 2021

GOODWILL

GOODWILL

11. GOODWILL

The changes in the carrying amount of goodwill were as follows:


	For the years ended December 31,
	2020	2021
	RMB	RMB	US$
Balance as of January 1	989,530	994,993	156,136
Additions	5,463	344,664	54,085
Balance as of December 31	994,993	1,339,657	210,221

As of December 31, 2019, 2020 and 2021, the Company has performed assessment and no impairment loss was recorded.

LONG-TERM INVESTMENTS, NET

12 Months Ended

Dec. 31, 2021

LONG-TERM INVESTMENTS, NET

LONG-TERM INVESTMENTS, NET

12. LONG-TERM INVESTMENTS, NET

The Company’s long-term investments consisted of the following:


	As of December 31,
	2020	2021
	RMB	RMB	US$
Equity investments without readily determinable fair values	17,137	17,137	2,689
Equity method investments	116,667	79,506	12,476
Available-for-sale debt investments	1,713	1,600	251
	135,517	98,243	15,416

Equity investments without readily determinable fair values

The Company disposed equity investments without readily determinable fair value at a consideration of RMB13,500 and nil in 2020 and 2021, respectively.

The investment income comprised of dividend income of RMB461, RMB607 and RMB659 (US$103), and disposal gain of RMB5,536, RMB257 and nil for the years ended December 31, 2019, 2020 and 2021, respectively.

12. LONG-TERM INVESTMENTS, NET (CONTINUED)

Equity investments without readily determinable fair values (continued)

The Company recorded an impairment loss of long-term investment amounting nil, RMB13,030 and nil for the years ended December 31, 2019, 2020 and 2021, respectively.

Equity method investments:


				Increase (decrease)
				during
				the year ended
	As of December 31, 2019			December 31, 2020			As of December 31, 2020
		Share	Investments		Share	Distribution/derecognize		Share	Investments
	Cost of	equity	in equity	Cost of	equity gain	of share	Cost of	equity gain	in equity
	investments	gain (loss)	investee	investments	(loss)	equity (gain) loss	investments	(loss)	investee
	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB
Yizhuang Fund	101,000	7,152	108,152	—	12,254	(17,723)	101,000	1,683	102,683
Shihua DC Holdings	29,068	(29,068)	—	(29,068)	—	29,068	—	—	—
Jingliang Inter Cloud	6,000	(1,928)	4,072	—	(903)	—	6,000	(2,831)	3,169
Jingliang Century Cloud	4,000	—	4,000	—	—	—	4,000	—	4,000
ZJK Energy	5,907	(1,945)	3,962	—	(803)	—	5,907	(2,748)	3,159
WiFire Entities	20,000	(20,000)	—	—	—	—	20,000	(20,000)	—
Qidi Chengxin	3,930	—	3,930	—	(274)	—	3,930	(274)	3,656
	169,905	(45,789)	124,116	(29,068)	10,274	11,345	140,837	(24,170)	116,667


				Increase (decrease)
				during
				the year ended
	As of December 31, 2020			December 31, 2021			As of December 31, 2021
		Share	Investments		Share			Share	Impairment	Investments	Investments
	Cost of	equity	in equity	Cost of	equity gain	Impairment of	Cost of	equity gain	of	in equity	in equity
	investments	gain (loss)	investee	investments	(loss)	investment	investments	(loss)	investment	investee	investee
	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	US$
Yizhuang Fund	101,000	1,683	102,683	—	(33,968)	—	101,000	(32,285)	—	68,715	10,783
Jingliang Inter Cloud	6,000	(2,831)	3,169	—	(2,182)	—	6,000	(5,013)	—	987	155
Jingliang Century Cloud	4,000	—	4,000	—	—	—	4,000	—	—	4,000	628
ZJK Energy	5,907	(2,748)	3,159	—	(1,068)	—	5,907	(3,816)	—	2,091	328
WiFire Entities	20,000	(20,000)	—	—	—	—	20,000	(20,000)	—	—	—
Qidi Chengxin	3,930	(274)	3,656	—	57	—	3,930	(217)	—	3,713	582
BJ Chaohulian	—	—	—	5,000	(1,505)	(3,495)	5,000	(1,505)	(3,495)	—	—
	140,837	(24,170)	116,667	5,000	(38,666)	(3,495)	145,837	(62,836)	(3,495)	79,506	12,476

12. LONG-TERM INVESTMENTS, NET (CONTINUED)

Equity method investments (continued):

The Company through its subsidiary, VNET Beijing, entered into an agreement to invest in the Yizhuang Venture Investment Fund (“Yizhuang Fund”) as a limited partner since April 2012 with capital injection of RMB101,000 and held 27.694% of the investee as of December 31, 2019, 2020 and 2021. Given the Company holds more than three percent interest in the Yizhuang Fund as a limited partner, the investment is accounted for under the equity method as prescribed in ASC Subtopic 323-10, Investments – Equity Method (“ASC 323-10”). In December 2020 and 2021, the Company received distribution from Yizhuang Fund as return on investments with an amount of RMB17,723 and nil, respectively.

In September 2017, after the disposal of 66.67% equity interest in the WiFire Entities, the Company held the remaining 33.33% equity interest in the WiFire Entities, which is accounted for equity method investment at fair value at the disposal date. As of December 31, 2021, the equity method investment balance is reduced to nil after the pickup of loss in the WiFire Entities.

In January 2018, the Company through its subsidiary, VNET Beijing, and a third company jointly set up Beijing Jingliang Interconnected Cloud Technology Inc. (“Jingliang Inter Cloud”) and Jingliang Century Cloud Technology Inc. (“Jingliang Century Cloud”). The Company injected capital of RMB6,000 and RMB4,000 and the Company held 60% and 40% of equity interest in Jingliang Inter Cloud and Jingliang Century Cloud, respectively. Based on the article of association, the Company cannot exercise control over relevant activities of the investee, but it has the ability to exercise significant influence over Jingliang Inter Cloud’s operation and financial decisions.

In December 2019, the Company through its subsidiary, VNET Beijing, and a third company jointly set up Chengdu Qidi Chengxin Education Limited (“Qidi Chengxin”). The Company injected capital of RMB3,930 and hold 59% of equity interest in Qidi Chengxin. Based on the article of association, the Company cannot exercise control over relevant activities of the investee, but it has the ability to exercise significant influence over operation and financial decisions.

In January, 2021, the Company through its subsidiary, VNET Beijing, and two third parties jointly set up Beijing Super Internet Technology Research Institute Co., Ltd. (“BJ Chaohulian”). The Company injected capital of RMB5,000 and hold 30% of equity interest in BJ Chaohulian. As of December 31, 2021, the equity method investment balance is reduced to nil after the Company pickup of loss amounting to RMB1,505 (US$236) and recorded impairment of investment amounting to RMB3,495 (US$548).

OTHER NON- CURRENT ASSETS

12 Months Ended

Dec. 31, 2021

OTHER NON- CURRENT ASSETS

OTHER NON- CURRENT ASSETS

13. OTHER NON- CURRENT ASSETS

As of December 31, 2020 and 2021, other non-current assets included prepayment for acquisition of datacenters and purchase of property and equipment amounting to RMB1,277,027 and RMB1,704,221 (US$267,429), which consist of 85% and 87% of other non-current assets, respectively.

BORROWINGS

12 Months Ended

Dec. 31, 2021

BORROWINGS

BANK BORROWINGS

14. BORROWINGS

Borrowings were as follows as of the respective balance sheet dates:


	As of December 31,
	2020	2021
	RMB	RMB	US$
Short-term bank borrowings	34,000	—	—
Long-term bank borrowings, current portion	68,500	230,805	36,218
Other long-term borrowings, current portion	111,828	153,353	24,065
	214,328	384,158	60,283
Long-term bank borrowings, non-current portion	605,119	1,891,797	296,864
Other long-term borrowings, non-current portion	281,877	323,218	50,720
Total borrowings	1,101,324	2,599,173	407,867

The short-term borrowings outstanding as of December 31, 2020 and 2021 bore a weighted average interest rate of 4.46% and 5.22% per annum, respectively, and were denominated in RMB. These borrowings were obtained from financial institutions and have terms of one year. The long-term borrowings (including current portion) outstanding as of December 31, 2020 and 2021 bore a weighted average interest rate of 5.61% and 5.31% per annum, respectively, and were denominated in RMB. These loans were obtained from financial institutions located in the PRC.

As of December 31, 2020 and 2021, unused loan facilities for bank and other borrowings amounted to RMB1,574,556 and RMB1,217,835 (US$191,105), respectively.

Borrowings as of December 31, 2020 and 2021 were secured by the following:

December 31, 2020


Short-term bank borrowings		Secured by
(RMB)
34,000		Unsecured borrowings.

Long-term borrowings (including current portion)		Secured by
(RMB)
404,781		Secured by subsidiary’s property and equipment and land-use right with net book value of RMB505,004 and RMB40,034, respectively (Note 8/Note 10).
271,861		Secured by a subsidiary’s property and equipment and land-use right with net book value of RMB130,369 and RMB100,966, respectively (Note 8/Note 10), and a subsidiary’s stock.
190,682		Unsecured borrowing.
100,000		Secured by a subsidiary’s stock and the restricted cash of RMB104,400.
100,000		Secured by a subsidiary’s stock.
1,067,324

14. BORROWINGS (CONTINUED)

December 31, 2021


Long-term borrowings (including current portion)		Secured by
(RMB)
1,334,065		Secured by a subsidiary’s stock.
416,967		Secured by a subsidiary’s land-use right with net book value of RMB24,460 (US$3,838) (Note 10).
267,171		Secured by a subsidiary’s property and equipment and land-use right with net book value of RMB124,214 (US$19,492) and RMB96,201 (US$15,096), respectively (Note 8/Note 10), and a subsidiary’s stock.
212,302		Secured by a subsidiary’s property and equipment with net book value of RMB262,740 (US$41,230) (Note 8), and a subsidiary’s stock.
40,500		Secured by a subsidiary’s property and equipment and land-use right with net book value of RMB188,553 (US$29,588) and RMB15,160 (US$2,379), respectively (Note 8/Note 10).
328,168		Unsecured borrowing.
2,599,173

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

ACCRUED EXPENSES AND OTHER PAYABLES

12 Months Ended

Dec. 31, 2021

ACCRUED EXPENSES AND OTHER PAYABLES

ACCRUED EXPENSES AND OTHER PAYABLES

15. ACCRUED EXPENSES AND OTHER PAYABLES

The components of accrued expenses and other payables were as follows:


	As of December 31,
	2020	2021
	RMB	RMB	US$
Payables for purchase of property, equipment and software	1,148,742	1,464,086	229,747
Payroll and welfare payables	204,732	288,613	45,290
Share consideration due to the original shareholders for business combination (Note 4)	—	214,577	33,672
Accrued service fees	47,572	62,498	9,807
Liability classified share-based payments (Note 4)	—	55,156	8,655
Payables for office supplies and utilities	38,485	54,056	8,483
Payables for acquisitions	47,805	47,805	7,502
Value-added tax and other taxes payable	10,473	25,092	3,938
Amounts due to the original shareholders for acquired entities^*	66,466	21,560	3,383
Interest payables	37,799	3,595	564
Others	29,489	61,051	9,579
	1,631,563	2,298,089	360,620

* This represented the balance of unpaid cash consideration and the payables in other current liabilities due to original shareholders related to the acquisition of SH Shuzhong (Note 4) and Zhongke Zijing (Note 4).

LEASES

12 Months Ended

Dec. 31, 2021

LEASES

LEASES

16. LEASES

Leases are classified as operating leases or finance leases in accordance with ASC 842. The Company’s operating leases mainly related to building, office facilities and equipment and the rights to use the land in the PRC. For leases with terms greater than 12 months, the Company records the related asset and liability at the present value of lease payments over the term. Certain leases include rental escalation clauses, renewal options and/or termination options, which are factored into the Company’s determination of lease payments when appropriate.


	As of December 31,
	2020		2021
Weighted average remaining lease term:
Operating lease	12.2 years		10.8 years
Finance lease	14.6 years		17.7 years

Weighted average discount rate:
Operating lease	6.56	%	7.01	%
Finance lease	8.63	%	7.27	%

Lease cost for finance leases capitalized were immaterial for the years ended December 31, 2019, 2020 and 2021.


	For the year ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Lease cost
Finance lease cost:
Depreciation	216,664	255,458	274,052	43,005
Interest expenses	120,185	130,196	124,567	19,547
Operating lease cost	214,795	478,805	568,044	89,138
Total lease cost	551,644	864,459	966,663	151,690

Short-term lease cost and variable lease cost for operating leases and finance leases were immaterial for the years ended December 31, 2019, 2020 and 2021.

Other information related to leases was as follows:


	For the year ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	193,174	477,189	593,615	93,151
Financing cash payments for finance leases	333,614	376,232	579,660	90,961

16. LEASES (CONTINUED)

Future lease payments under operating leases and finance leases as of December 31, 2021 were as follows:


	Operating Leases		Finance Leases
	RMB	US$	RMB	US$
2022	625,680	98,183	326,413	51,221
2023	486,679	76,371	234,013	36,722
2024	437,331	68,627	137,267	21,540
2025	404,703	63,507	95,157	14,932
2026	355,216	55,741	96,757	15,183
2027 and thereafter	2,032,828	318,995	1,722,737	270,335
Total future lease payments	4,342,437	681,424	2,612,344	409,933
Less: Imputed interest	(1,450,385)	(227,598)	(1,248,561)	(195,926)
Present value of future lease payments *	2,892,052	453,826	1,363,783	214,007

* Present value of future operating lease payments consisted of current portion of operating lease liabilities and non-current portion of operating lease liabilities, amounting to RMB607,997 (US$95,408) and RMB2,284,055 (US$358,418) for the year ended December 31, 2021, respectively.

Present value of future finance lease payments consisted of current portion of finance lease liabilities and non-current portion of finance lease liabilities, amounting to RMB244,032 (US$38,294) and RMB1,119,751 (US$175,713) for the year ended December 31, 2021, respectively.

BONDS PAYABLE

12 Months Ended

Dec. 31, 2021

BONDS PAYABLE

BONDS PAYABLE

17. BONDS PAYABLE

On April 15, 2019, the Company issued and sold bonds with an aggregate principal amount of US$300,000 at a coupon rate of 7.875% per annum (“2021 Notes”). The 2021 Notes has matured on October 15, 2021. The 2021 Notes were listed and quoted on the SGX-ST. Interest on the 2021 Notes is payable semi-annually in arrears on April 15 and October 15 in each year, beginning from October 15, 2019.

Net proceeds from 2021 Notes after deducting issuance costs were RMB1,976,474. The 2021 Notes are unsecured and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated to the bonds; equal in right of payment to any of the Company’s liabilities that are not so subordinated, including the 2020 Notes; effectively junior in the right of payment to any secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including accounts payables) of the Company’s subsidiaries and Consolidated VIEs.

On April 16, 2019, the Company repurchased US$150,839 in principal amount of 2020 Notes, representing approximately 50.28% of the US$300,000 total aggregate principal amount of the 2020 Notes outstanding as at such date. On August 12, 2019, the Company repurchased US$18,000 in principal amount of 2020 Notes. The remaining outstanding 2020 Notes with principal amount of US$131,161 continue to be the obligation of the Company. The Company recognized loss on debt extinguishment of RMB18,895 during the year ended December 31, 2019. On August 4, 2020, the Company repaid the remaining outstanding 2020 Notes with principal amount of US$131,161.

On October 4, 2021, the Company repaid the outstanding 2021 Notes with principal amount of US$300,000.

The following table summarizes the aggregate required repayments of the principal amounts of the Company’s long-term borrowings, including bank and other borrowings (Note 14) in the succeeding five years and thereafter:


	RMB	US$
For the years ending December 31,
2022	408,194	64,055
2023	358,279	56,222
2024	347,990	54,607
2025	367,776	57,712
2026	279,825	43,911
2027 and thereafter	891,338	139,870

PERPETUAL CONVERTIBLE PREFERRED SHARES

12 Months Ended

Dec. 31, 2021

PERPETUAL CONVERTIBLE PREFERRED SHARES

PERPETUAL CONVERTIBLE PREFERRED SHARES

18. PERPETUAL CONVERTIBLE PREFERRED SHARES

In June 2020, the Company issued 150,000 Series A perpetual convertible preferred shares (the “Series A Preferred Shares”) at the subscription price of 1,000 US dollars per subscribed share for a total cash consideration of US$150,000.

The significant terms of the Series A Preferred Shares are summarized as follows:

Dividends

From and after the original issuance date, cumulative dividends on each Series A Preferred Share will accrue in arrears at the dividend rate of 4.5% per annum on the original issuance price of US$1,000 per subscribed share. All accrued dividends on any Series A Preferred Share will be paid in cash, when, as and if declared by the Board of Directors out of funds legally available therefor or upon a liquidation of the Company.

Holders of the Series A Preferred Shares will also be entitled to receive any dividends declared by the Board of Directors on a pro rata basis with the ordinary shares determined on an as-converted basis. The dividends or distributions shall be distributed among all holders of ordinary shares and Series A Preferred Shares in proportion to the number of ordinary shares that would be held by each such holder if all Series A Preferred Shares had been converted to ordinary shares as of the record date fixed for determining those entitled to receive such distribution.

For dividends on cumulative preferred stock classified in permanent equity, dividends are not recognized until declared by the Board of Directors. RMB28,637 (US$4,494) dividend was declared by the Company on the conversion date.

Liquidation preference

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of Series A Preferred Shares will be entitled to be paid out of the assets of the Company available for distribution to its shareholders before any distribution or payment out of the assets of the Company will be made to the holders of ordinary shares at a preferential amount in cash equal to the greater of (i) the aggregate original issuance price of US$1,000 per Series A Preferred Shares, plus any unpaid, accrued and accumulated dividends on all such Series A Preferred Shares (whether or not declared) and (ii) the aggregate value that such holders of Series A Preferred Shares would have received had all holders of Series A Preferred Shares, immediately prior to such Liquidation, converted all Series A Preferred Shares then outstanding (together with any unpaid, accrued and accumulated dividends thereon) into Class A ordinary shares at the applicable conversion price then in effect.

If the Company has insufficient assets to pay the holders of the Series A Preferred Shares the full preferential amount, (a) the holders of the Series A Preferred Shares will share ratably in any distribution of the remaining assets of the Company in proportion to the respective full preferential amounts which would otherwise be payable to each such holder in full, and (b) the Company will not make or agree to make, or set aside for the benefit of the holders of ordinary shares, any payments to the holders of ordinary shares.

18. PERPETUAL CONVERTIBLE PREFERRED SHARES (CONTINUED)

Conversion

Series A Preferred Shares can be converted at any time at the option of the holder into Class A ordinary shares by dividing the original issuance price plus any unpaid, accrued and accumulated dividends up to, but excluding, the conversion date by the conversion price in effect immediately prior to such conversion. Series A Preferred Shares will be mandatorily converted into Class A ordinary shares at any time after six months from the original issuance date when the daily volume-weighted average price of the ADS (“VWAP”) of certain period equals or exceeds the 200% of the conversion price per ADS (“Conversion Threshold”).

Conversion price is initially, US$2.8333 per Class A Ordinary Shares or US$17.00 per ADS and is subject to additional adjustments if the Company makes certain dilutive issuances of shares.

Voting

Each Series A Preferred Shares holder will be entitled to a number of vote equal to the number of Class A ordinary shares then issuable upon its conversion into Class A ordinary shares at the record date for determination of the shareholders entitled to vote on such matters, or, if no such record date is established, at the date when such vote is taken or any written consent of shareholders is solicited.

Accounting for the Series A Preferred Shares

The Series A Preferred Shares are classified as permanent equity and initially recorded at the issuance price at the time of closing. There were no embedded features that qualified for bifurcation and separate accounting in accordance with ASC 815-10, Derivatives and Hedging. As the time of closing, beneficial conversion features with the amount of RMB470,643 (US$72,129) was recorded as a reduction to the respective preferred shares with an offsetting credit to additional paid-in capital. This amount was immediately accreted back as a deemed distribution to Series A perpetual convertible preferred shareholders.

The Company early adopted ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), starting on January 1, 2021 using modified retrospective transition method applied to those transactions outstanding as of January 1, 2021. The impact of adoption of ASU 2020-06 was immaterial for Series A Preferred Shares.

On March 1, 2021, 150,000 Series A Preferred Shares all has been converted into 54,507,816 Class A Ordinary Shares at the conversion price US$17.00 per ADS.

CONVERTIBLE PROMISSORY NOTES

12 Months Ended

Dec. 31, 2021

CONVERTIBLE PROMISSORY NOTES

Disclosure Of Convertible Promissory Notes [Text Block]

19. CONVERTIBLE PROMISSORY NOTES

2025 Convertible Notes

During the year ended December 31, 2020, the Company entered into agreements with a group of investors led by Goldman Sachs Asia Strategic Pte. Ltd. (the “Purchasers”) to issue the Company’s convertible promissory note (the “2025 Convertible Notes”) for total gross proceeds of US$200,000. The 2025 Convertible Notes will mature in five years and, bear interest at the rate of 2% per annum from the issuance date which will be payable semiannually in arrears in cash.

Conversion

Purchasers have the option to convert all or a portion of the outstanding 2025 Convertible Notes and any accrued and unpaid interest, into ADSs at the conversion price at any time. The conversion price will initially be US$12.00 per ADS or will be subject to customary adjustments when the decrease in VWAP exceeds certain threshold. In addition, the conversion price will be adjusted in the event when the Company makes certain dilutive issuances of shares.

Redemption upon maturity

Unless previously redeemed or converted, the Company shall redeem the 2025 Convertible Notes on the maturity date in an amount equal to the sum of (i) 115% of the then outstanding principal amount of the 2025 Convertible Notes and (ii) the interest accrued but unpaid on the maturity date. The Company may not redeem the 2025 Convertible Notes at its option prior to the maturity date.

Early redemption at the option of the Purchasers

If any portion of the outstanding principal amount of the 2025 Convertible Notes has not been converted by the third anniversary of the date of issuance of the 2025 Convertible Notes, the Purchasers at their sole discretion will have the right to require the Company to redeem, in whole or in part, the outstanding principal amount of the 2025 Convertible Notes which has not been converted previously in an amount equal to the sum of (i) 109% of the outstanding principal amount and (ii) the interest accrued but unpaid on the outstanding principal amount.

The Company elected to account for the 2025 Convertible Notes at fair value as a whole. Issuance costs including underwriting commissions and offering expenses were approximately RMB18,932, which were recognized in earnings as incurred.

During the year ended December 31, 2020 and 2021, Purchasers of the 2025 Convertible Notes exercised the right to convert 23,710,140 and 42,401,010 newly issued Class A ordinary shares at the conversion price of US$12 per ADS. Upon conversion, the fair value of converted portion was RMB720,547 and RMB1,639,806 (US$257,321), respectively. Issuance costs were approximately RMB2,939 and nil, respectively, which were credited to capital accounts with the changes in the fair value up to the conversion date recorded in earning.

The interest expense on the convertible promissory was recorded based on the stated rate of 2% in the interest expense within the consolidated statements of operations. For the years ended December 31, 2020 and 2021, the interest expense was RMB18,880 and RMB9,703 (US$1,523), respectively.

As of December 31, 2020 and 2021, the fair value of the remaining 2025 Convertible Notes was RMB3,014,057 and RMB513,754 (US$80,619), respectively. The changes in fair value (loss) gain of convertible promissory notes of RMB(2,544,220) and RMB829,149 (US$130,112) were recognized in the changes in the fair value of convertible promissory notes in the consolidated statement of operations for the year ended December 31, 2020 and 2021, respectively. The fair value changes related to instrument-specific credit risk is nil and nil for the years ended December 31, 2020 and 2021, respectively.

19. CONVERTIBLE PROMISSORY NOTES (CONTINUED)

2026 Convertible Notes

In January 2021, the Company issued US$600,000 principal amount 0.00% convertible senior notes including US$75,000 sold upon the exercise of the over-allotment option (the “2026 Convertible Notes”). The 2026 Convertible Notes will mature on February 1, 2026 unless redeemed, repurchased or converted prior to such date.

Holders may convert their 2026 Convertible Notes at their option prior to the close of business on the business day immediately preceding August 1, 2025 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of ADSs’, each representing six Class A ordinary shares of the Company, par value US$0.00001 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period in which the trading price per US$1,000 principal amount of the 2026 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if the Company calls the 2026 Convertible Notes for a tax or optional redemption; or (4) upon the occurrence of specified corporate events. On or after August 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2026 Convertible Notes at any time. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election. If the Company satisfies its conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and ADSs, the amount of cash and ADSs, if any, due upon conversion will be based on a daily conversion value calculated on a proportionate basis for each trading day in a 40 trading day observation period.

The initial conversion rate of the 2026 Convertible Notes is 18.3574 of the Company’s ADS per US$1,000 principal amount of the 2026 Convertible Notes (which is equivalent to an initial conversion price of approximately US$54.47 per ADS). The conversion rate will be subject to adjustment in some events. In addition, following certain corporate events that occur prior to the maturity date, if a make-whole fundamental change occurs prior to the maturity date of the 2026 Convertible Notes, or under certain circumstances upon a tax redemption or the Company’s optional redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2026 Convertible Notes in connection with such corporate event, such make-whole fundamental change or such notice of tax redemption or notice of optional redemption, as the case may be. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs (plus cash in lieu of a fractional ADS) or a combination of cash and ADSs, at its election. The conversion option may be settled in cash, ADSs, or a combination of cash and ADSs at the Company’s option.

The Company may not redeem the 2026 Convertible Notes prior to February 6, 2024 unless certain tax-related events occur. On or after February 6, 2024 and on or prior to the 40th scheduled trading day immediately before the maturity date, the Company may redeem for cash all or part of the 2026 Convertible Notes, at its option, if the last reported sale price of the Company’s ADSs has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date the Company provides notice of redemption; and (ii) the trading day immediately preceding the date the Company sends such notice. Holders of the notes have the right to require the Company to repurchase for cash all of their 2026 Convertible Notes, or any portion of the principal thereof, on February 1, 2024 or in the event of certain fundamental changes. The redemption price will equal 100% of the principal amount of the 2026 Convertible Notes to be redeemed, plus any accrued and unpaid special interest, if any, to, but not including, the redemption date. No sinking fund is provided for the 2026 Convertible Notes.

19. CONVERTIBLE PROMISSORY NOTES (CONTINUED)

2026 Convertible Notes (Continued)

ASU 2020-06 simplified an issuer’s accounting for convertible instrument by eliminating the cash conversion and beneficial conversion feature models in ASC 470-20, Debt with Conversion and Other Options, that requires separate accounting for such conversion features. Results for reporting periods beginning after January 1, 2021 are presented under ASU 2020-06, while prior period amounts have not been adjusted and continue to be reported in accordance with historic accounting. The impact of adopting the new guidance was not material to consolidated financial statements and there was no adjustment to beginning retained earnings on January 1, 2021.

The 2026 Convertible Notes was accounted for as one unit of liability account using amortized cost method under ASU 2020-06, with no embedded derivative features being bifurcated.

The gross proceeds from issuance of the 2026 Convertible Notes were US$600,000. Debt issuance costs including underwriting commissions and offering expenses were approximately US$13,841, which were presented as deduction from liability and amortized into interest expense over the remaining period of 5 years. As of December 31, 2021, the net carrying amount of the 2026 Convertible Notes was RMB3,753,197 (US$588,959). For the year ended December 31, 2021, the coupon interest expense was nil and the amortization of debt discount and issuance costs was RMB16,216 (US$2,544). The effective interest rate was 0.47% for the year ended December 31, 2021.

DEFERRED GOVERNMENT GRANTS

12 Months Ended

Dec. 31, 2021

DEFERRED GOVERNMENT GRANTS

DEFERRED GOVERNMENT GRANTS

20. DEFERRED GOVERNMENT GRANTS

During the years ended December 31, 2019, 2020 and 2021, the Company received nil, nil and nil respectively, in government grants from the relevant PRC government authorities for the use in construction of property and equipment. These grants are initially deferred and subsequently recognized in the consolidated statements of operations when the Company has complied with the conditions or performance obligations attached to the related government grants, if any, and the grants are no longer refundable. Grants that subsidize the construction cost of property and equipment are amortized over the life of the related assets as a reduction of the associated depreciation expense.

Movements of deferred government grants were as follows:


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Balance at beginning of the year	15,792	8,501	6,174	969
Recognized as a reduction of depreciation expense	(7,291)	(2,327)	(1,806)	(284)
Balance at end of the year	8,501	6,174	4,368	685

TREASURY STOCK

12 Months Ended

Dec. 31, 2021

TREASURY STOCK

TREASURY STOCK

21. TREASURY STOCK

For the years ended December 31, 2019, 2020 and 2021, the Company repurchased the number of 242,830, nil and nil ADSs pursuant to the share repurchase plans.

ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2021

ACCUMULATED OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS

22. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The changes in accumulated other comprehensive income (loss) by component, net of tax of nil, were as follows:


		Foreign currency
		translation
		RMB
Balance as of January 1, 2019		85,979
Current year other comprehensive loss		(8,075)
Balance as of December 31, 2019		77,904
Current year other comprehensive loss		(133,439)
Balance as of December 31, 2020		(55,535)
Current year other comprehensive loss		(34,908)
Balance as of December 31, 2021		(90,443)
Balance as of December 31, 2021, in US$		(14,192)

MAINLAND CHINA EMPLOYEE CONTRIBUTION PLAN

12 Months Ended

Dec. 31, 2021

MAINLAND CHINA EMPLOYEE CONTRIBUTION PLAN

MAINLAND CHINA EMPLOYEE CONTRIBUTION PLAN

23. MAINLAND CHINA EMPLOYEE CONTRIBUTION PLAN

As stipulated by the regulations of the PRC, full-time employees of the Company in the PRC participate in a government-mandated multiemployer defined contribution plan organized by municipal and provincial governments. Under the plan, certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. The Company is required to make contributions to the plan based on certain percentages of employees’ salaries. The total expenses for the plan were RMB121,266, RMB77,982 and RMB158,673 (US$24,899) for the years ended December 31, 2019, 2020 and 2021, respectively.

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2021

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

24. SHARE-BASED COMPENSATION

(a)

Option granted to employees

In order to provide additional incentives to employees and to promote the success of the Company’s business, the Company adopted a share incentive plan in 2010 (the “2010 Plan”). Under the 2010 Plan, the Company may grant options and RSUs to its employees, directors and consultants to purchase an aggregate of no more than 39,272,595 ordinary shares of the Company. The 2010 Plan was approved by the Board of Directors and shareholders of the Company on July 16, 2010. The 2010 Plan is administered by the Board of Directors or the Compensation Committee of the Board as set forth in the 2010 Plan (the “Plan Administrator”). All share options to be granted under the 2010 Plan have a contractual term of ten years and generally vest over 3 to 4 years in the grantee’s option agreement.

In order to further promote the success and enhance the value, the Company adopted a share incentive plan in 2014 (the “2014 Plan”). Under the 2014 Plan, the Company may issue an aggregate of no more than 20,461,380 shares (“Maximum Number”) and such Maximum Number should be automatically increased by a number that is equal to 15% of the number of new shares issued by the Company from time to time. The maximum aggregate number of ordinary shares to be issued under 2014 Plan was subsequently amended to 39,606,817, as approved by the Board of Directors and shareholders of the Company on October 30, 2015. All share options, restricted shares and restricted share units to be granted under the 2014 Plan have a contractual term of ten years and generally vest over 3 to 4 years in the grantee’s option agreement.

24. SHARE-BASED COMPENSATION (CONTINUED)

(a)

Option granted to employees (continued)

In order to continuously attract and retain talents, the Company adopted a share incentive plan in 2020 (the “2020 Plan”). Under the 2020 Plan, the Company is authorized to issue an aggregate of 46,560,708 Class A ordinary shares of the Company (equal to the sum of (i) 5% of the Company’s share capital as of the date hereof, calculated on an as-converted basis by taking into consideration all the convertible promissory notes issued and to be issued by the Company, and (ii) 7,562,532 Class A ordinary shares reserved under the “2010 Plan” and “2014 Plan” for future grants) will be reserved for future issuance. After adoption of the 2020 Plan, the Company will cease to grant any new awards under the 2010 Plan and 2014 Plan while the 2010 Plan and 2014 Plan and outstanding awards granted thereunder will remain effective and can be amended by the Company from time to time pursuant to the applicable terms thereto. The 2020 Plan was approved by the Board of Directors and shareholder of the Company on May 13, 2020.

(b)Shares granted to management

The Company granted 464,120, 314,842 and 3,534,767 RSUs in 2019, 2020 and 2021, respectively, with performance conditions whereby a predetermined number will vest upon the assignment of an annual performance review in accordance with predetermined performance targets for the grantees over a one or four-year period. As it is probable for the Company to estimate the annual performance review ratings for the individual grantees, the Company recognized the related compensation expenses using the accelerated recognition method.

The Company granted 64,000, 1,848,701 and 298,454 RSUs in 2019, 2020 and 2021, respectively, with performance conditions whereby a predetermined number will vest upon with the achievement of predetermined operation performance targets for the Company. As it is probable for the Company to estimate the operation performance for the Company, the Company recognized the related compensation expenses using the accelerated recognition method.

The Company granted 16,000, nil and nil RSUs in the years ended 2019, 2020 and 2021, respectively, with market conditions whereby a predetermined number will vest upon with the achievement of predetermined share price targets for the Company. The probability to achieve market condition is reflected in the grant date fair value of the award and thus compensation cost is recognized when the requisite service is rendered using the accelerated method.

The compensation expenses related to remaining unvested share options shall be recognized over the remaining requisite service period or the performance review period. As of December 31, 2021, options to purchase 362,004 of ordinary shares were outstanding.

24. SHARE-BASED COMPENSATION (CONTINUED)

(b)Shares granted to management (continued)

The following table summarized the Company’s employee share option activity under the 2010 Plan:


			Weighted
		Weighted	average
		average	remaining	Aggregate
	Number of	exercise	contractual	intrinsic
	options	price	term	value
		(US$)	(Years)	(US$)
Outstanding, January 1, 2021	508,866	0.33	0.8	—
Exercised	(86,862)	0.73	—	—
Forfeited	(60,000)	0.70	—	—
Outstanding, December 31, 2021	362,004	0.17	0.01	482
Vested and expected to vest at December 31, 2021	362,004	0.17	0.01	482
Exercisable as of December 31, 2021	362,004	0.17	0.01	482

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the fair value of the underlying stock at each reporting date, for those awards that have an exercise price below the estimated fair value of the Company’s shares. As of December 31, 2021, the Company had options outstanding to purchase an aggregate of 362,004 shares with an exercise price below the fair value of the Company’s shares, resulting in an aggregate intrinsic value of RMB3,072 (US$482).

The aggregate fair value of the outstanding options at the grant date was determined to be RMB4,701 (US$738) as of December 31, 2021 and such amount is recognized as share-based compensation expenses using the straight-line method for all employee share options granted with graded vesting based on service conditions and the accelerated method for share options granted with graded vesting based on performance conditions. The total fair value of share options exercised during the years ended December 31, 2019, 2020 and 2021 was US$42, US$594 and US$122, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2019, 2020 and 2021 was US$22, US$2,336, and US$67, respectively.

As of December 31, 2021, the Company has recorded all the share-based compensation expenses in relation to outstanding share options.

24. SHARE-BASED COMPENSATION (CONTINUED)

(b)Shares granted to management (continued)

The following table summarized the Company’s RSUs activity under the 2014 and 2020 Plan:


		Weighted	Weighted
		average	average	Aggregate
	Number of	grant date	remaining	intrinsic
	RSUs	fair value	contractual life	value
		(US$)	(Years)	(US$)
Unvested, January 1, 2021	4,092,457	14.95	8.2	—
Granted	3,833,221	12.31	—	—
Vested	(3,768,186)	11.32	—	—
Forfeited	(1,349,363)	17.34	—	—
Unvested, December 31, 2021	2,808,129	14.18	7.4	25,357

Share-based compensation expenses for RSUs are measured based on the closing fair market value of the Company’s ADS on the date of grant and the reporting date for liability classified RSUs, respectively. The aggregate fair value of the unvested RSUs as of December 31, 2021 was RMB161,590 (US$25,357), and such amount is recognized as share-based compensation expenses using the straight-line method for the RSUs with graded vesting based on service conditions and the accelerated method for the RSUs with graded vesting based on performance conditions, market conditions and share-settled bonuses. The weighted average grant date fair value of RSUs granted during the years ended December 31, 2019, 2020 and 2021 was US$7.67, US$22.62 and US$12.31, respectively. The total fair value of RSUs vested during the years ended December 31, 2019, 2020 and 2021 was US$6,185, US$3,866 and US$42,672, respectively.

As of December 31, 2021, there was RMB86,208 (US$13,528) of unrecognized share-based compensation expenses related to RSUs which is expected to be recognized over a weighted average vesting period of 1.6 years. Total unrecognized share-based compensation expenses may be adjusted for future changes when actual forfeitures incurred.

(c)

Share-based compensation due to business combination (Note 4)

For the year ended December 31, 2021, the Company recorded compensation cost of RMB55,156 (US$8,655) within the Company’s consolidated statements of operations. As of December 31, 2021, there was RMB114,522 (US$17,971) of unrecognized share-based compensation expenses.

Total share-based compensation expenses relating to share options, RSUs granted to employees and share-based compensation due to business combination recognized for the years ended December 31, 2019, 2020 and 2021 were as follows:


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Cost of revenues	1,884	15,251	13,713	2,152
Sales and marketing expenses	354	38,247	2,545	399
General and administrative expenses	40,501	82,672	292,947	45,970
Research and development expenses	1,177	634	10,805	1,696
	43,916	136,804	320,010	50,217

TAXATION

12 Months Ended

Dec. 31, 2021

TAXATION

TAXATION

25. TAXATION

Enterprise income tax (“EIT”)

Cayman Islands

The Company is incorporated in the Cayman Islands and conducts its primary business operations through the subsidiaries and VIEs in the PRC and Hong Kong. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain arising in Cayman Islands.

British Virgin Islands

Subsidiaries in British Virgin Islands are not subject to tax on income or capital gains under the current laws of the British Virgin Islands. Additionally, upon payments of dividends by the Company to its shareholders, no British Virgin Islands withholding tax will be imposed.

Hong Kong

Subsidiaries in Hong Kong are subject to Hong Kong profits tax rate of 16.5% for the years ended December 31, 2019, 2020 and 2021. Additionally, upon payments of dividends by the Company to its shareholders, no HK withholding tax will be imposed.

Taiwan

DYX Taiwan branch is incorporated in Taiwan and is subject to Taiwan profits tax rate of 20% for the years ended December 31, 2019, 2020 and 2021.

The PRC

The Company’s PRC subsidiaries are incorporated in the PRC and subject to the statutory rate of 25% on the taxable income in accordance with the Enterprise Income Tax Law (The “EIT Law”), which was effective since January 1, 2008, except for certain entities eligible for preferential tax rates.

Dividends, interests, rent or royalties payable by the Company’s PRC subsidiaries, to non-PRC resident enterprises, and proceeds from any such non-resident enterprise investor ‘s disposition of assets (after deducting the net value of such assets) shall be subject to 10% withholding tax, unless the respective non-PRC resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with China that provides for a reduced withholding tax rate or an exemption from withholding tax.

VNET Beijing was qualified for a High and New Technology Enterprise (“HNTE”) since 2008 and is eligible for a 15% preferential tax rate. In October 2014, VNET Beijing obtained a new certificate and reapplied the certificate in October 2017 and 2020, with a validity term of three years. In accordance with the PRC Income Tax Laws, an enterprise awarded with the HNTE certificate may enjoy a reduced EIT rate of 15%. For the years ended December 31, 2019, 2020 and 2021, the tax rate for VNET Beijing was 15%, 15% and 15%, respectively.

In April 2011, Xi’an Sub, a subsidiary located in Shaanxi Province, was qualified for a preferential tax rate of 15% and started to apply this rate from then on. The preferential tax rate is awarded to companies that are located in West Regions of China which operate in certain encouraged industries. For the years ended December 31, 2019, 2020 and 2021, the tax rate assessed for Xi’an Sub was 15%, 15% and 15%, respectively.

In October 2015, SH Blue Cloud, a subsidiary located in Shanghai, was qualified for a HNTE and became eligible for 15% preferential tax rate. The certificate was reapplied in November 2018 and October 2021 with a validity term of three years. Accordingly, for the years ended December 31, 2019, 2020 and 2021, SH Blue Cloud enjoyed a preferential tax rate of 15%.

25. TAXATION (CONTINUED)

Enterprise income tax (“EIT”) (continued)

The PRC (continued)

In November 2016, SZ DYX, a subsidiary located in Guangdong Province, was qualified for a HNTE and became eligible for 15% preferential tax rate effective for three consecutive years and the certificate was reapplied in November 2019 with a validity term of three years. Accordingly, for the years ended December 31, 2019, 2020 and 2021, SZ DYX enjoyed a preferential tax rate of 15%.

In December 2016, BJ TenxCloud, a subsidiary located in Beijing and the Company acquired in July 2021 (Note 4), was qualified for a HNTE and became eligible for 15% preferential tax rate effective for three consecutive years and the certificate was reapplied in December 2019 with a validity term of three years. Accordingly, for the years ended December 31, 2019, 2020 and 2021, BJ TenxCloud enjoyed a preferential tax rate of 15%.

In December 2019, SH Hesheng, a subsidiary located in Shanghai, in which the Company acquired 100% of the equity in November 2021 (Note 4), was qualified for a HNTE and became eligible for 15% preferential tax rate effective for three consecutive years. Accordingly, for the years ended December 31, 2019, 2020 and 2021, SH Hesheng enjoyed a preferential tax rate of 15%.

The New EIT Law also provides that enterprises established under the laws of foreign countries or regions and whose “place of effective management” is located within the PRC are considered PRC tax resident enterprises and subject to PRC income tax at the rate of 25% on worldwide income. The definition of “place of effective management” refers to an establishment that exercises, in substance, overall management and control over the production and business, personnel, accounting, properties, etc. of an enterprise.

As of December 31, 2021, the administrative practice associated with interpreting and applying the concept of “place of effective management” is unclear. If the Company is deemed as a PRC tax resident, it will be subject to 25% PRC EIT under the New EIT Law on its worldwide income, meanwhile the dividend it receives from another PRC tax resident company will be exempted from 25% PRC income tax. The Company will continue to monitor changes in the interpretation or guidance of this law.

25. TAXATION (CONTINUED)

Enterprise income tax (“EIT”) (continued)

The PRC (continued)

(Loss) income before income taxes consisted of:


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Non-PRC	(178,762)	(2,708,101)	675,369	105,980
PRC	2,953	137,178	(48,861)	(7,667)
	(175,809)	(2,570,923)	626,508	98,313

Income tax expenses comprised of:


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Current	(70,324)	(131,844)	(111,082)	(17,431)
Deferred	64,887	22,508	(325)	(51)
	(5,437)	(109,336)	(111,407)	(17,482)

The reconciliation of tax computed by applying the statutory income tax rate of 25% for the years ended December 31, 2019, 2020 and 2021 applicable to the PRC operations to income tax expenses were as follows:


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
(Loss) income before income taxes	(175,809)	(2,570,923)	626,508	98,313
Income tax benefits (loss) computed at applicable tax rates (25%)	43,952	642,731	(156,627)	(24,578)
Non-deductible expenses	(23,082)	(4,117)	(13,116)	(2,058)
Research and development expenses	19,688	32,777	45,122	7,081
Preferential rate	20,213	26,554	14,232	2,233
Current and deferred tax rate differences	(8,699)	(36,391)	26,115	4,098
International rate differences	(77,066)	(711,962)	120,678	18,937
Tax exempted income	754	1,087	14,536	2,281
Foreign Investment	—	(10,263)	(49,815)	(7,817)
Unrecognized tax benefits (expenses)	1,728	(58,449)	(12,338)	(1,936)
Change in valuation allowance	25,423	6,465	(79,733)	(12,512)
Prior year provision to return true up	(8,348)	2,232	(22,898)	(3,593)
Others	—	—	2,437	382
Income tax expenses	(5,437)	(109,336)	(111,407)	(17,482)

25. TAXATION (CONTINUED)

Deferred Tax

The significant components of deferred taxes were as follows:


	As of December 31,
	2020	2021
	RMB	RMB	US$
Deferred tax assets
Non-current
Allowance for doubtful debt	39,886	46,360	7,275
Impairment of long-lived assets	13,467	40,289	6,322
Impairment of long-term investment	2,150	3,024	475
Accrued expense	24,986	16,836	2,641
Tax losses	171,211	262,209	41,146
Property and equipment	22,631	28,569	4,483
Intangible assets	5,765	5,773	906
Finance lease	390,925	386,849	60,705
Deferred government grant	1,357	1,046	164
Operating lease	292,210	623,074	97,774
Loss picked up on equity method investments	57,201	66,121	10,376
Valuation allowance	(170,104)	(261,960)	(41,107)

Total deferred tax assets, net of valuation allowance	851,685	1,218,190	191,160

Deferred tax liabilities
Non-current
Intangible assets	186,258	241,090	37,831
Property and equipment	143,873	139,566	21,901
Capitalized interest expense	19,339	28,604	4,489
Finance lease	313,102	306,598	48,112
Operating lease	292,210	623,074	97,774
Investment in subsidiaries	10,263	59,660	9,362
Gain picked up from equity method investments	252	—	—

Total non-current deferred tax liabilities	965,297	1,398,592	219,469

Net deferred tax assets (liabilities)	(113,612)	(180,402)	(28,309)
Analysis as:
Deferred tax assets	185,481	168,002	26,363
Deferred tax liabilities	299,093	348,404	54,672

Net deferred tax liabilities	(113,612)	(180,402)	(28,309)

As of December 31, 2021, the Company has net tax operating losses from its PRC subsidiaries and its Consolidated VIEs, as per filed tax returns, of RMB1,096,951 (US$172,136), which will expire at various times between 2022 and 2031 and the majority expiring by 2026, if not utilized.

As of December 31, 2021, the undistributed earnings of the Company’s PRC subsidiaries the Company intends to permanently reinvested were RMB1,428,251 (US$224,124). In 2021, other than these indefinitely reinvested amount, the Company has other operation or distribution plan for the new VIE, SH Zhiyan. As of December 31, 2021, the related deferred tax liability accrued was RMB59,660 (US$9,362).

25. TAXATION (CONTINUED)

Unrecognized Tax Benefits

As of December 31, 2020 and 2021, the Company recorded unrecognized tax benefits of RMB68,696 and RMB77,573 (US$12,173), respectively.

The unrecognized tax benefits and its related interest are primarily related to non-deductible expenses and accrued expenses. RMB61,711 of the total unrecognized tax benefits, ultimately recognized, will impact the effective tax rate. It is possible that the amount of uncertain tax benefits will change in the next 12 months, however, an estimate of the range of the possible outcomes cannot be made at this time.

A roll-forward of unrecognized tax benefits principle was as follows:


	For the years ended December 31,
	2020	2021
	RMB	RMB	US$
Balance at beginning of year	1,722	62,584	9,821
Reversal based on tax positions related to prior years	(629)	(170)	(27)
Additions based on tax positions related to the current year	61,491	2,440	382
Balance at end of year	62,584	64,854	10,176

For the years ended December 31, 2019, 2020 and 2021, the Company (reversed) recorded interest expense of RMB(1,447), RMB5,391 and RMB6,606 (US$1,037), respectively. Accumulated interest expense recorded by the Company was RMB6,112 and RMB12,718 (US$1,996) as of December 31, 2020 and 2021, respectively. As of December 31, 2021, the tax years ended December 31, 2016 through 2021 for the PRC subsidiaries remain open for statutory examination by the PRC tax authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

26. RELATED PARTY TRANSACTIONS

a)Related parties *

Name of related parties		Relationship with the Company
Xiaomi Ventures Limited (“Xiaomi”), Xiaomi Communication Technology Co., Ltd., and its subsidiary, Beijing Xiaomi Mobile Software Co., Ltd. (collectively, “Xiaomi Group”) ⁽²⁾		A company controlled by principal shareholder of the Company before December 30, 2020
King Venture Holdings Limited (“King Venture”) and Beijing Kingsoft Cloud Network Technology Co., Ltd. (“BJ Kingsoft”) ⁽¹⁾		A company controlled by principal shareholder of the Company before December 30, 2020
Beijing Cheetah Mobile Technology Co., Ltd. (“BJ Cheetah”) ⁽¹⁾		A company controlled by principal shareholder of the Company before December 30, 2020
Tuspark Innovation Venture Ltd. (“Tuspark Innovation”)		The controlling shareholder of the Company before April 13,2021
Beijing Tuspark Harmonious Investment Development Co., Ltd. (“Tuspark Harmonious”) ⁽⁵⁾		A company controlled by controlling shareholder of the Company before April 13, 2021
Ziguang Financial Leasing Co., Ltd. (“Ziguang Finance Leasing”) ⁽⁵⁾		A company controlled by controlling shareholder of the Company before April 13, 2021
Qidi Bus (Beijing) Technology Co., Ltd. (“Qidi Tech”) ⁽⁵⁾		A company controlled by controlling shareholder of the Company before April 13, 2021
Beijing Qidi Yefeng Investment Co., Ltd. (“Beijing Qidi Yefeng”) ⁽⁵⁾		A company controlled by controlling shareholder of the Company before April 13, 2021
Beijing Huaqing Property Management Co., Ltd. (“Beijing Huaqing”) ⁽⁵⁾		A company controlled by controlling shareholder of the Company before April 13, 2021
Shanghai Shibei Hi-Tech Co., Ltd. (“SH Shibei”)		Noncontrolling shareholder of a subsidiary
Shanghai Puping Information Technology Co., Ltd. (“Shanghai Puping”) ⁽⁴⁾		A company controlled by minority shareholder of the Company
Beijing Chengyishidai Network Engineering Technology Co., Ltd. (“CYSD”)⁽³⁾		Equity investee of the Company
WiFire (Beijing) Technology Co., Ltd. (“WiFire BJ”) ⁽³⁾		Equity investee of the Company
Beijing Fastweb Network Technology Co., Ltd. (“BJ Fastweb”) ⁽³⁾		Equity investee of the Company
Jingliang Interconnected Cloud Technology Co., Ltd. (“Jingliang Inter Cloud”)		Equity investee of the Company
Beijing Taiji Data Tech Co., Ltd. (“Taiji”)		Equity investee of the Company in 2019 and wholly-owned subsidiary since January 31, 2020
Apurimac Partners Limited (“APL”)		A company controlled by an officer of the Company
Asialeads Capital (Cayman) Limited		A company in which a director of the Company acts as an executive
Beijing New Internet Digital Technology Research Institution Limited (“BJ New Internet”)		Equity investee of the Company
Anhui Suzhou Century Broadband Data Technology Co., Ltd. (“SZ Century”)		A company controlled by an equity investee of principle shareholder of the Company from December 1, 2021

*	These are the related parties that have engaged in significant transactions with the Company for the years ended December 31, 2019, 2020 and 2021.

(1)	These companies are ultimately controlled by the same party. King Venture made a significant investment in the Company in 2015. These companies ceased to be related parties as the Company repurchased the shares from King Venture on December 30, 2020.

(2)	These companies are ultimately controlled by the same party. Xiaomi made a significant investment in the Company in 2015. These companies ceased to be related parties as the Company repurchased the shares from King Venture on December 30, 2020.

(3)	These entities were disposed by the Company in September 2017, included in WiFire Entities, and determined by the Company as related parties as of December 31, 2019, 2020 and 2021.

(4)	These entities are controlled by Waburg Pincus, a significant minority shareholder of the Company.

(5)	These companies are ultimately controlled by the same party. Tuspark Innovation was the controlling shareholder as of December 31, 2020. These companies ceased to be related parties as the Company repurchased shares from Tuspark Innovation on April 13, 2021.

26. RELATED PARTY TRANSACTIONS (CONTINUED)

b)Other than disclosed elsewhere, the Company had the following significant related party transactions for the years ended December 31, 2019, 2020 and 2021:


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Services provided to:
-SZ Century	—	—	1,445	227
-Jingliang Inter Cloud	—	880	480	75
-BJ New Internet	—	—	170	27
-Xiaomi Group	437,694	527,679	—	—
-Qidi Tech	7,427	3,478	—	—
-BJ Cheetah	169	98	—	—
-BJ Kingsoft	3,475	43	—	—
-Taiji	7,899	—	—	—
-WiFire BJ	1,934	—	—	—
-Others	1,494	305	144	23

Services provided by:
-CYSD	38,918	38,918	38,918	6,107
-Beijing Huaqing	—	4,389	1,254	197
-BJ Kingsoft	3,492	16,867	—	—
-APL	—	8,124	—	—
-Jingliang Inter Cloud	8,829	4,956	—	—
-Taiji	19,942	—	—	—
-Others	5,866	796	1,223	192

Loan to:
-Shanghai Puping	—	62,531	75,611	11,865
- BJ New Internet	—	—	261	41
-Taiji	1,500	—	—	—

Interest income from loan to:
-SH Shibei	—	—	1,321	207
-BJ Fastweb	700	—	—	—

Lease deposit paid to:
-Ziguang Finance Leasing	6,154	135	—	—

Lease payment paid to:
-Ziguang Finance Leasing	17,156	30,776	10,431	1,637
-Beijing Qidi Yefeng	—	4,516	2,154	338
-Tuspark Harmonious	68,832	43,703	—	—

Cash consideration for shares repurchase
-Tuspark Innovation	—	—	1,701,804	267,050
-King Venture	—	130,472	—	—

26. RELATED PARTY TRANSACTIONS (CONTINUED)

c)The Company had the following related party balances as of December 31, 2020 and 2021:


	As of December 31,
	2020	2021
	RMB	RMB	US$
Amounts due from related parties:
Current:
-Shanghai Puping	62,531	138,142	21,677
- SZ Century	—	16,996	2,667
-SH Shibei	9,800	11,121	1,745
- BJ New Internet	—	441	69
-Ziguang Finance Leasing	2,042	—	—
-Others	1,146	1,267	200
	75,519	167,967	26,358
Non-current:
-Tuspark Harmonious	11,863	—	—
-Ziguang Finance Leasing	6,289	—	—
-Beijing Qidi Yefeng	1,124	—	—
-Others	1,286	—	—
	20,562	—	—
Amounts due to related parties:
Current:
- CYSD	189	6,870	1,078
-APL	783	765	120
- SZ Century	—	571	90
-Ziguang Finance Leasing	31,681	—	—
-Tuspark Harmonious	13,557	—	—
-Beijing Qidi Yefeng	4,410	—	—
-Others	387	566	89
	51,007	8,772	1,377
Non-current:
-Tuspark Harmonious	715,992	—	—
-Ziguang Finance Leasing	22,247	—	—
-Beijing Qidi Yefeng	9,507	—	—
	747,746	—	—

RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2021

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS

27. RESTRICTED NET ASSETS

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries.

In accordance with the PRC Regulations on Enterprises with Foreign Investment and the articles of association of the Company’s PRC subsidiaries, a foreign-invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign-invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign-invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. VNET China was established as a foreign-invested enterprise and, therefore, is subject to the above mandated restrictions on distributable profits. As of December 31, 2020, and 2021, the Company’s PRC subsidiaries had appropriated RMB74,462 and RMB74,462 (US$11,685), respectively, in its statutory reserves.

As a result of these PRC laws and regulations subject to the limit discussed above that require annual appropriations of 10% of after-tax income to be set aside, prior to payment of dividends as general reserve fund, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. Amounts restricted include paid-in capital, additional paid in capital and statutory reserve funds of the Company’s PRC subsidiaries and the equity of the Consolidated VIEs, as determined pursuant to PRC generally accepted accounting principles, totaling an aggregate of RMB13,114,157 (US$2,057,897) as of December 31, 2021.

(LOSS) EARNING PER SHARE

12 Months Ended

Dec. 31, 2021

(LOSS) EARNING PER SHARE

(LOSS) EARNING PER SHARE

28. (LOSS) EARNING PER SHARE

Basic and diluted (loss) earning per share for each of the years presented were calculated as follows:


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Numerator:
Net (loss) earning	(181,246)	(2,680,259)	515,101	80,831
Net income attributable to noncontrolling interest	(1,046)	(29,088)	(15,003)	(2,354)
Net (loss) earning attributable to the Company	(182,292)	(2,709,347)	500,098	78,477
Plus undeclared cumulative dividend on perpetual convertible preferred shares	—	(22,806)	—	—
Deemed distribution to perpetual convertible preferred shareholders	—	(470,643)	—	—
Dividend distribution to perpetual convertible preferred shareholders	—	—	(5,831)	(915)
Adjusted net (loss) earning attributable to ordinary shareholders - Basic	(182,292)	(3,202,796)	494,267	77,562

Changes in the fair value of convertible promissory notes	—	—	(829,149)	(130,112)
Adjusted interest for convertible promissory notes	—	—	9,703	1,523
Adjusted net loss attributable to ordinary shareholders -Diluted	(182,292)	(3,202,796)	(325,179)	(51,027)


Denominator:
Weighted average number of shares outstanding—basic	668,833,756	716,888,919	865,352,554	865,352,554
Weighted average number of shares outstanding—diluted	668,833,756	716,888,919	911,591,433	911,591,433
(Loss) earning per share—Basic:
Net (loss) earning	(0.27)	(4.47)	0.57	0.09
	(0.27)	(4.47)	0.57	0.09
Loss per share—Diluted:
Net loss	(0.27)	(4.47)	(0.36)	(0.06)
	(0.27)	(4.47)	(0.36)	(0.06)

In 2019, 2020 and 2021, the Company issued 6,700,002, nil and 7,800,000 ordinary shares to its share depositary bank which will be used to settle stock option awards upon their exercise, respectively. No consideration was received by the Company for this issuance of ordinary shares. These ordinary shares are legally issued and outstanding but are treated as escrowed shares for accounting purposes and therefore, have been excluded from the computation of loss per share. Any ordinary shares not used in the settlement of stock option awards will be returned to the Company.

Stock options, RSUs, the Company’s series A preferred shares (Note 18) and 2026 Convertible Notes (Note 19) or other potentially dilutive equity instruments were excluded from the calculation of diluted loss earnings per share if they were anti-dilutive.

SHARE CAPITAL

12 Months Ended

Dec. 31, 2021

SHARE CAPITAL

SHARE CAPITAL

29. SHARE CAPITAL

Holders of Class A Ordinary Shares, Class B Ordinary Shares and Class C Ordinary Shares are entitled to the same rights except for voting and conversion rights. In respect of matters requiring a shareholder’s vote, each Class A Ordinary Share is entitled to one vote right, each Class B Ordinary Share is entitled to ten votes, and each Class C Ordinary Share is entitled to one vote and certain veto rights. Each Class B Ordinary Share and Class C Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder. Class A Ordinary Shares are not convertible into Class B Ordinary Share and Class C Ordinary Shares under any circumstances. Upon any transfer of Class B Ordinary Shares and Class C Ordinary Shares by a holder to any person or entity which is not an affiliate of such holder, such Class B Ordinary Shares and Class C Ordinary Share will be automatically converted into an equal number of Class A Ordinary Shares.

For the years ended December 31, 2019, 2020 and 2021, 304,200, nil and 16,680,000 Class A ordinary shares were issued to settle the share options exercised and RSUs vested. For the year ended December 31, 2020, 104,304 Class A ordinary shares issued to settle RSUs vested in prior years were repurchased and cancelled.

In October 2019, the Company issued 60,000 newly created Class C ordinary shares to Personal Group Limited, a British Virgin Islands company wholly owned by Mr. Sheng Chen, the executive chairman of our board of directors, at a price of US$1.35 per share, to execute business strategies over the long term under the leadership of the Company’s board and senior management.

In August 2020, the Company completed a public offering in which the Company offered and sold 19,550,000 ADSs (or 117,300,000 Class A ordinary shares), including 2,550,000 ADSs (or 15,300,000 Class A ordinary shares) purchased by the underwriters by exercising their option. The Company raised a total of RMB2,680,421 in proceeds from this public offering, net of underwriting discounts and commissions and other issuance costs.

During the year ended December 31, 2020 and 2021, Purchaser of the 2025 Convertible Notes exercised the right to convert approximately 23.7% and 42.3% of the total principal amount issued to 23,710,140 and 42,401,010 newly issued Class A ordinary shares at the conversion price of US$12 per ADS, respectively.

In 2020 and 2021, the Company issued nil and 7,800,000 ordinary shares to its share depositary bank which will be used to settle stock option awards upon their exercise, respectively. No consideration was received by the Company for this issuance of ordinary shares. These ordinary shares are legally issued and outstanding but are treated as escrowed shares for accounting purposes.

On March 1, 2021, all 150,000 Series A perpetual convertible preferred shares has been converted into 54,507,816 Class A Ordinary Shares.

In April 2021, the Company repurchased from Tuspark Innovation Venture Ltd., (“Tuspark”) 48,634,493 Class B ordinary shares for an aggregate purchase price of US$260.0 million. The repurchase price was at US$5.346 per ordinary share, or US$32.076 per ADS. 48,634,493 Class B ordinary shares were cancelled immediately. Meanwhile, remaining 62,418,897 Class B ordinary shares held by Tuspark were converted into the same number of Class A ordinary shares of the Company.

On August 19, 2021, 4,100,000 Class B ordinary shares held by Sunrise Corporate Holding Ltd., were converted into the same number of Class A ordinary shares.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2021

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

30. FAIR VALUE MEASUREMENTS

The Company applies ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided on fair value measurement.

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Cash equivalents, time deposits, bonds payable and 2026 Convertible Notes are classified within Level 1 because they are valued by using quoted market prices.

30. FAIR VALUE MEASUREMENTS (CONTINUED)

The 2025 Convertible Notes, share consideration due to the original shareholders for business combination, and long-term investments are classified within Level 3. The fair value of share consideration due to the original shareholders for business combination (Note 4) was estimated using Monte Carlo simulation model that involves several parameters including the share price, share price volatility and risk-free rate. The fair value of 2025 Convertible Notes is measured using binomial tree pricing model that involves several parameters including the Company’s stock price, stock price volatility determined from the Company’s historical stock prices, the remaining maturity term and the discount rate.

The Company measures equity investments elected to use the measurement alternative at fair value on a nonrecurring basis, in the cases of an impairment charge is recognized, fair value of an investment is remeasured in an acquisition/a disposal, and an orderly transaction for identical or similar investments of the same issuer was identified.

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


	Fair value measurement using:
	Quoted prices in	Significant other
	active markets for	observable	Unobservable
	identical assets	inputs	inputs	Fair value at
	(Level 1)	(Level 2)	(Level 3)	December 31, 2020
	RMB	RMB	RMB	RMB
Cash equivalents:
- Time deposits	645,879	—	—	645,879
Short-term investments:
- Time deposits	285,872	—	—	285,872
Long-term investments:
- Available-for-sale debt securities	—	—	1,713	1,713
Assets	931,751	—	1,713	933,464

Short-term borrowings:
- Current portion of bonds payable	1,998,088	—	—	1,998,088
2025 Convertible Notes	—	—	3,014,057	3,014,057
Liabilities	1,998,088	—	3,014,057	5,012,145

30. FAIR VALUE MEASUREMENTS (CONTINUED)


	Fair value measurement using:
	Quoted prices in	Significant other
	active markets for	observable	Unobservable
	identical assets	inputs	inputs	Fair value at
	(Level 1)	(Level 2)	(Level 3)	December 31, 2021
	RMB	RMB	RMB	RMB	US$
Cash equivalents:
- Time deposits	15,013	—	—	15,013	2,356
Short-term investments:
- Time deposits	—	—	—	—	—
Long-term investments:
- Available-for-sale debt securities	—	—	1,600	1,600	251
Assets	15,013	—	1,600	16,613	2,607
- Current portion of bonds payable
Convertible promissory notes
- 2025 Convertible promissory notes	—	—	513,754	513,754	80,619
- 2026 Convertible promissory notes	3,021,852	—	—	3,021,852	474,195
Accrued expenses and other payables:
-Share consideration due to the original shareholders for business combination (Note 4)	—	—	214,577	214,577	33,672
Liabilities	3,021,852		728,331	3,750,183	588,486

The following table presented a reconciliation of all liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3):


		2025 Convertible Notes
		RMB
Fair value at issuance date (Note 19)		1,409,385
Foreign exchange loss		(219,001)
Changes in the fair value		2,544,220
Reclassification to equity		(720,547)
Fair value at December 31, 2020		3,014,057
Foreign exchange loss		(31,348)
Changes in the fair value		(829,149)
Reclassification to equity		(1,639,806)
Fair value at December 31, 2021		513,754
Fair value at December 31, 2021 (US$)		80,619


		Share consideration due to the original
		shareholders for business combination
		RMB
Fair value at grant date (Note 4)		214,953
Changes in the fair value		(376)
Fair value at December 31, 2021		214,577
Fair value at December 31, 2021 (US$)		33,672

30. FAIR VALUE MEASUREMENTS (CONTINUED)

Assets measured at fair value on a non-recurring basis

The Company measures certain non-financial assets on a nonrecurring basis. The Company’s non-financial long-lived assets , such as intangible assets, goodwill and fixed assets, would be measured at fair value only if they were determined to be impaired on an other-than-temporary basis. The fair values of non-financial long-lived assets were measured under income approach, based on the Company’s best estimation which primarily includes significant unobservable inputs (level 3) such as future cash flows and discount rate.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

31. COMMITMENTS AND CONTINGENCIES

Capital commitments

As of December 31, 2021, the Company has the following commitments to purchase certain computer and network equipment and construction-in-progress:


	RMB	US$
For the year ending December 31,
2022	1,586,604	248,973
2023 and thereafter	32,725	5,135
	1,619,329	254,108

Bandwidth and cabinet capacity purchase commitments

As of December 31, 2021, the Company has outstanding purchase commitments in relation to bandwidth and cabinet capacity consisting of the following:


	RMB	US$
For the year ending December 31,
2022	698,586	109,623
2023	110,779	17,384
2024	64,525	10,125
2025	2,314	363
2026	2,314	363
2027 and thereafter	3,355	526
	881,873	138,384

Income Taxes

As of December 31, 2021, the Company has recognized an accrual of RMB77,573 (US$12,173) for unrecognized tax benefits and its interest (Note 25). The final outcome of the tax uncertainty is dependent upon various matters including tax examinations, interpretation of tax laws or expiration of status of limitation. However, due to the uncertainties associated with the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties.

31. COMMITMENTS AND CONTINGENCIES (CONTINUED)

Operating litigation

In March 2019, a third-party supplier filed a lawsuit against the Company, alleging that the Company had not fully fulfilled its obligations under a network infrastructure cooperation agreement entered in 2013.

On October 30, 2020, the court announced the first judgement settlement and the settlement came into force from November 18, 2020. The Company assessed that the settlement is probable and recorded an estimated loss of RMB1,628 (US$250) within accrued expenses and other payables in the consolidated balance sheet as of December 31, 2020.

In the ordinary course of business, the Company may from time to time be involved in legal proceedings and litigations. As of December 31, 2020 and 2021, the Company did not consider an unfavorable outcome in any material respects in the outstanding legal proceedings and litigations to be probable.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2021

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

32. SUBSEQUENT EVENTS

In January 2022, the Company has issued a convertible senior notes for an aggregate principal amount of US$250,000. The Notes have a term of five years and carry interest at 2% per annum.

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2021

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

33. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed balance sheets


		As of December 31,
	Notes	2020	2021
		RMB	RMB	US$
ASSETS
Current assets:
Cash and cash equivalents		62,116	100,019	15,695
Prepaid expenses and other current assets		97,391	93,546	14,679
Amounts due from subsidiaries	(b)	9,320,580	9,844,114	1,544,756
Total current assets		9,480,087	10,037,679	1,575,130

Non-current assets:
Investments in subsidiaries		2,169,222	2,333,998	366,255
Total non-current assets		2,169,222	2,333,998	366,255
Total assets		11,649,309	12,371,677	1,941,385
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accrued expenses and other payables		87,001	54,893	8,614
Account payables		52	51	8
Current portion of bonds payable		1,943,619	—	—
Amount due to related parties		783	765	120
Amounts due to subsidiaries	(b)	38,863	806,788	126,602
Total current liabilities		2,070,318	862,497	135,344

Non-current liabilities:
Convertible promissory notes		3,014,057	4,266,951	669,578
Total non-current liabilities		3,014,057	4,266,951	669,578
Total liabilities		5,084,375	5,129,448	804,922
Shareholders’ equity:
Class A Ordinary shares (par value of US$0.00001 per share; 1,199,790,000 and shares authorized; 672,024,600 and 859,932,323 issued and outstanding as of December 31, 2020 and 2021, respectively)		44	56	8
Class B Ordinary Shares (par value of US$0.00001 per share; 300,000,000 and 300,000,000 shares authorized; 145,875,113 and 30,721,723 issued and outstanding as of December 31, 2020 and 2021, respectively)		12	4	1
Class C Ordinary Shares (par value of US$0.00001 per share; 60,000 and 60,000 shares authorized; 60,000 and 60,000 shares issued and outstanding as of December 31, 2020 and 2021, respectively)		—	—	—
Series A perpetual convertible preferred shares (par value of US$0.00001 per share; 150,000 and 150,000 shares authorized; 150,000 and nil shares issued and outstanding as of December 31, 2020 and 2021, respectively)		1,047,468	—	—
Additional paid-in capital		13,083,119	15,198,055	2,384,906
Accumulated other comprehensive loss		(55,535)	(90,443)	(14,192)
Accumulated deficit		(7,160,651)	(7,515,920)	(1,179,412)
Treasury stock		(349,523)	(349,523)	(54,848)
Total shareholders’ equity		6,564,934	7,242,229	1,136,463
Total liabilities and shareholders’ equity		11,649,309	12,371,677	1,941,385

33. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONTINUED)

Condensed statements of operations


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Operating Expenses
General and administrative expenses	(44,490)	(94,175)	(275,881)	(43,292)
Operating loss	(44,490)	(94,175)	(275,881)	(43,292)
Other loss	(274,572)	(168,656)	(119,932)	(18,820)
Changes in the fair value of convertible promissory notes	—	(2,544,220)	829,149	130,112
Share of profits from subsidiaries and Consolidated VIEs	136,770	97,704	66,762	10,477
Net (loss) income attributable to VNET Group, Inc.	(182,292)	(2,709,347)	500,098	78,477
Income tax expense	—	—	—	—
Net (loss) income	(182,292)	(2,709,347)	500,098	78,477

Condensed statements of comprehensive (loss) income


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Net (loss) income	(182,292)	(2,709,347)	500,098	78,477
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustments, net of tax of nil	(8,075)	(133,439)	(34,908)	(5,478)
Other comprehensive loss, net of tax of nil:	(8,075)	(133,439)	(34,908)	(5,478)
Comprehensive (loss) income	(190,367)	(2,842,786)	465,190	72,999
Comprehensive (loss) income attributable to VNET Group, Inc.	(190,367)	(2,842,786)	465,190	72,999

Condensed statements of cash flows


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Net cash used in operating activities	(142,989)	(743,944)	(218,664)	(34,313)
Net cash (used in) generated from investing activities	(1,011,257)	(3,036,370)	113,530	17,815
Net cash generated from financing activities	807,765	3,598,441	143,037	22,446
Net (decrease) increase in cash and cash equivalents and restricted cash	(346,481)	(181,873)	37,903	5,948
Cash and cash equivalents and restricted cash at beginning of the year	590,470	243,989	62,116	9,747
Cash and cash equivalents and restricted cash at end of the year	243,989	62,116	100,019	15,695

33. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONTINUED)

(a)Basis of presentation

In the Company-only financial statements, the Company’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since inception.

The Company records its investment in its subsidiary under the equity method of accounting as prescribed in ASC 323-10, Investment-Equity Method and Joint Ventures, and such investment is presented on the balance sheets as “Investments in subsidiaries” and the share of the subsidiaries’ profit or loss is presented as “Share of profits of subsidiaries and Consolidated VIEs” on the statements of operations.

The subsidiaries did not pay any dividends to the Company for the years presented.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted and as such, these Company-only financial statements should be read in conjunction with the Company’s consolidated financial statements.

(b)

Related party transactions

The Company had the following related party balances as of December 31, 2020 and 2021:


	As of December 31,
	2020	2021
	RMB	RMB	US$
Amounts due from subsidiaries
- VNET HK	7,043,586	7,195,150	1,129,076
- WiFire Open Network Group Ltd.	2,157,285	2,286,602	358,818
- VNET Future Technology Limited	—	306,034	48,023
- VNET Mobile	56,265	55,679	8,737
- HongKong Fastweb Holdings Co., Limited	62,780	—	—
- Others	664	649	102
	9,320,580	9,844,114	1,544,756
Amounts due to subsidiaries
- DYX	9	462,551	72,584
- HongKong Fastweb Holdings Co., Limited	—	212,778	33,390
- VNET Beijing	35,783	76,453	11,997
- Others	3,071	55,006	8,631
	38,863	806,788	126,602

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

(a) Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Principles of consolidation

(b) Principles of consolidation

Use of estimates

Foreign currency

(d) Foreign currency

Convenience translation

(e) Convenience translation

Cash and cash equivalents

(f) Cash and cash equivalents

Restricted cash

(g) Restricted cash

Short-term investments

(h) Short-term investments

All highly liquid investments with original maturities of greater than three months but less than twelve months, are classified as short-term investments. Interest income is included in earnings.

Accounts receivable and allowance for doubtful debt

(i) Accounts receivable and allowance for doubtful debt

Property and equipment

(j) Property and equipment


Category		Estimated useful life
Property		25-46 years
Leasehold improvements		Over the shorter of lease term or the estimated useful lives of the assets
Optical fibers		10-20 years
Computer and network equipment		1-10 years
Office equipment		2-8 years
Motor vehicles		2-8 years

Intangible assets

(k) Intangible assets

Intangible assets have weighted average useful lives from the date of purchase/ acquisition as follows:


Purchased software		5.3 years
Radio spectrum license		15 years
Operating permits*		33.6 years
Customer relationships*		8.3 years
Licenses*		15 years
Supplier relationships*		10 years
Trade Names*		20 years
Platform software*		5 years
Non-complete agreements*		5 years
Internal use software		3.7 years
Customer contract*		6.2 years

*	Acquired in the acquisitions of subsidiaries.

Leases

(l) Leases

Leases with an initial lease term of 12 months or less are not recorded on the consolidated balance sheets. Lease expense for these leases is recognized on a straight-line basis over the lease term.

Land use rights

(m) Land use right

Long-term investments

(n) Long-term investments

The Company’s long-term investments primarily consist of equity investments without readily determinable fair value, equity method investments.

Goodwill

(o) Goodwill

Impairment of long-lived assets

(p) Impairment of long-lived assets

The Company recorded impairment charges associated with its long-lived assets and acquired intangibles as follows:


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Impairment of property and equipment	—	35,793	106,311	16,683
Impairment of intangible assets	—	38,654	—	—
Impairment of other non-current assets	—	7,172	2,956	463

Fair value of financial instruments

(q) Fair value of financial instruments

Revenue recognition

(r) Revenue recognition

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(r) Revenue recognition (continued)

The Company’s revenue recognition policies are as follows:

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(r) Revenue recognition (continued)

Cost of revenues

(s) Cost of revenues

Advertising expenditures

(t) Advertising expenditures

Research and development expenses

(u) Research and development expenses

Government grants

(v) Government grants

Capitalized interest

(w) Capitalized interest

As a result of total interest costs capitalized during the period, the interest expense for the years ended December 31, 2019, 2020 and 2021, was as follows:


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Interest expense and amortization cost of bonds payable	223,832	223,785	133,959	21,021
Interest expense and amortization cost of 2025 and 2026 Convertible Notes (Note 19)	—	18,880	25,919	4,067
Interest expense on bank and other borrowings	14,212	39,424	103,925	16,308
Interest expense on finance leases	120,185	130,196	124,567	19,547
Total interest costs	358,229	412,285	388,370	60,943
Less: Total interest costs capitalized	(12,274)	(31,676)	(53,420)	(8,382)
Interest expense, net	345,955	380,609	334,950	52,561

Income taxes

(x) Income taxes

Share-based compensation

(y) Share-based compensation

Loss per share

(z) (Loss) Earnings per share

Share repurchase program

(aa) Share repurchase program

For the years ended December 31, 2019 and 2020, the Company repurchased 242,830 and nil ADSs under above program for a consideration of RMB11,840 and nil, respectively.

Comprehensive (loss) income

(bb) Comprehensive (loss) income

Segment reporting

(cc) Segment reporting

Employee benefits

(dd) Employee benefits

Comparatives

(ee) Comparatives

Certain items reported in the prior year’s consolidated financial statements have been reclassified to conform with the current year’s presentation.

Recent accounting pronouncements

(ff) Recent accounting pronouncements

ORGANIZATION (Tables)

12 Months Ended

Dec. 31, 2021

ORGANIZATION

Schedule of significant subsidiaries of the Company, VIEs and subsidiaries of VIEs

(a)	As of December 31, 2021, the significant subsidiaries of the Company and significant consolidated variable interest entities are as follows:

Entity	Date of incorporation/ acquisition	Place of incorporation	Percentage of direct ownership by the Company	Principal activities
			Direct
Variable Interest Entities (the “VIEs”):
Beijing Yiyun Network Technology Co., Ltd. (“VNET Technology”) ⁽²⁾	October 22, 2002	PRC	—	Provision of internet data center services
Beijing iJoy Information Technology Co., Ltd. (“BJ iJoy”) ⁽²⁾	April 30, 2013	PRC	—	Provision of internet data center, content delivery network services
WiFire Network Technology (Beijing) Co., Ltd. (“WiFire Network”) ⁽²⁾	April 1, 2014	PRC	—	Provision of telecommunication services
Shanghai Zhiyan Yunwei Technology Co., Ltd. (“SH Zhiyan”) ⁽²⁾	December 12, 2020	PRC	—	Provision of telecommunication services

Held directly by VNET Technology:
Beijing VNET Broad Band Data Center Co., Ltd. (“VNET Beijing”) ⁽²⁾	March 15, 2006	PRC	—	Provision of internet data center services
Shanghai Shilian Technology Co., Ltd. (“SH Shilian”)	October 22, 2012	PRC	—	Provision of internet data center services

Held directly by VNET Beijing:
VNET (Xi’an) Information Outsourcing Industry Park Services Co., Ltd. (“Xi’an Sub”) ⁽²⁾	June 23, 2008	PRC	—	Provision of internet data center services
Langfang Xunchi Computer Data Processing Co., Ltd. (“LF Xunchi”) ⁽²⁾	December 19, 2011	PRC	—	Dormant company
Beijing Yilong Xinda Technology Co., Ltd. (“Yilong Xinda”) ⁽²⁾	February 28, 2013	PRC	—	Provision of internet data center services
Beijing Yichengtaihe Investment Co., Ltd. (“BJ Yichengtaihe”) ⁽²⁾	September 30, 2014	PRC	—	Provision of internet data center services
Guangzhou Lianyun Big Data Co., Ltd. (“GZ Lianyun”) ⁽²⁾	April 14, 2016	PRC	—	Provision of internet data center services
Beijing Xianghu Yunlian Technology Co., Ltd. (“Xianghu Yunlian”) ⁽²⁾	November 7, 2018	PRC	—	Provision of internet data center services
Shanghai Hujiang Songlian Technology Co., Ltd.(“Hujiang Songlian”) ⁽²⁾	December 17, 2018	PRC	—	Provision of internet data center services
Beijing Shuhai Hulian Technology Co., Ltd. (“BJ Shuhai”) ⁽²⁾	January 2, 2019	PRC	—	Provision of internet data center services
Nantong Chenghong Cloud Computing Co., Ltd. (“NT Chenghong”) ⁽²⁾	December 24, 2019	PRC	—	Provision of internet data center services

Held directly by SH Shilian:
Shanghai Shuzhong Investment Management Co., Ltd. (“SH Shuzhong”) ^(2)/(5)	June 30, 2020	PRC	—	Provision of internet data center services
Sanhe Shulifang Information Technology Co., Ltd. (“Shulifang”) ^(2)/(6)	July 21, 2020	PRC	—	Provision of internet data center services
Langfang Huahai Internet Technology Co., Ltd. (“LF Huahai”) ^(2)/(7)	September 11, 2020	PRC	—	Provision of internet data center services
Shanghai Hesheng Data System Co., Ltd. (“SH Hesheng”) ^(2)/(11)	November 11, 2021	PRC	—	Provision of internet data center services

Entity	Date of incorporation/ acquisition	Place of incorporation	Percentage of direct ownership by the Company		Principal activities

Held directly by SH Zhiyan:
Shanghai Blue Cloud Technology Co., Ltd. (“SH Blue Cloud”) ⁽²⁾	March 21, 2013	PRC	—		Provision of Office 365 and Windows Azure platform services
Shanghai Edge Blue Cloud Network Technology Co., Ltd. (“SH Edge Network”) ^(2)/(12)	January 7,2021	PRC	—		Provision of internet data center services

Held directly by DYX and LF Xunchi:
Shenzhen Diyixian Telecommunication Co., Ltd. (“SZ DYX”) ⁽¹⁾	August 10, 2014	PRC	20	%	Provision of virtual private network services

(1)	Collectively, the “PRC Subsidiaries”.

(2)	Collectively, the “Consolidated VIEs”.

(3)	On August 10, 2014, the Company and its subsidiary, LF Xunchi, acquired 100% equity interest of Dermot BVI and its subsidiaries (collectively referred to as “Dermot Entities”).

(4)	On August 20, 2019, the Company through its subsidiary, DRP Investment, became the sole shareholder in Shihua Holding 2 and its subsidiaries.

(5)	On June 30, 2020, the Company through its subsidiary, SH Shilian, acquired 100% equity interest of SH Shuzhong (Note 4).

(6)	On July 21, 2020, the Company through its subsidiary, SH Shilian, acquired 100% equity interest of Shulifang (Note 4).

(7)	On September 11, 2020, the Company through its subsidiaries, SH Shilian and Linkcloud PTE. Ltd. (“Linkcloud”), acquired 100% equity interest of LF Huahai (Note 4).

(8)	On November 17, 2020, the Company through its subsidiary, VNET Saturn International Investment Limited (“VNET Saturn”) and Beijing Zhongshun Yongfeng Investment Consulting Co., Ltd. (“YF WFOE”), acquired 100% equity interest of BJ JHC and BJ ST (Note 4).

(9)

On July 15, 2021, the Company through its subsidiary, Shenzhen Cloud Native Technology Co., Ltd. (“SZ Cloud Native”), acquired 100% equity interest of BJ TenxCloud (Note 4).

(10)

On August 16, 2021, the Company through its subsidiary, Jiwa Engineering BJ, acquired 100% equity interest of Zhongke Zijing and Gu’an Junhui (Note 4).

(11)

On November 11, 2021, the Company through its subsidiary, SH Shilian, acquired 100% equity interest of SH Hesheng (Note 4).

(12) On January 7, 2021, the Company, through SH Zhiyan, established SH Edge Network for internet data center services.

Schedule of consolidated VIE before eliminating intercompany balances


	As of December 31,
	2020	2021
	RMB	RMB	US$
ASSETS
Current assets:
Cash and cash equivalents	737,556	660,234	103,605
Restricted cash	260,450	317,199	49,775
Accounts receivable (net of allowance for doubtful debt of RMB67,632 and RMB82,654 (US$12,970) as of December 31, 2020 and 2021, respectively)	664,610	1,139,372	178,792
Prepaid expenses and other current assets	1,622,662	1,781,456	279,549
Amounts due from related parties	12,968	29,812	4,678
Total current assets	3,298,246	3,928,073	616,399
Non-current assets:
Property and equipment, net	5,170,878	6,754,511	1,059,930
Intangible assets, net	342,288	382,173	59,971
Land use rights, net	46,719	45,476	7,136
Operating lease right-of-use assets, net	1,134,073	2,666,182	418,382
Goodwill	308,110	308,110	48,349
Restricted cash	27,719	7,825	1,228
Deferred tax assets, net	168,181	136,903	21,483
Amounts due from related parties	20,562	—	—
Other non-current assets	435,144	612,198	96,067
Long-term investments, net	172,593	133,280	20,915
Total non-current assets	7,826,267	11,046,658	1,733,461
Total assets	11,124,513	14,974,731	2,349,860
Current liabilities:
Short-term bank borrowings	34,000	—	—
Accounts payable and notes payable	182,669	352,478	55,311
Accrued expenses and other payables	981,961	1,342,886	210,728
Advance from customers	1,041,594	1,041,902	163,497
Deferred revenue	58,066	49,055	7,698
Income tax payable	12,743	20,972	3,291
Amounts due to inter-companies ⁽¹⁾	4,248,422	5,203,974	816,617
Amounts due to related parties	50,193	8,007	1,256
Current portion of finance lease liabilities	362,760	200,961	31,535
Current portion of long-term borrowings	165,328	350,609	55,018
Current portion of deferred government grant	2,074	2,074	325
Current portion of operating lease liabilities	427,114	579,391	90,919
Total current liabilities	7,566,924	9,152,309	1,436,195


	As of December 31,
	2020	2021
	RMB	RMB	US$
Non-current liabilities:
Amounts due to inter-companies ⁽¹⁾	1,020,972	1,020,972	160,213
Amounts due to related parties	747,746	—	—
Long-term borrowings	570,135	1,480,709	232,356
Non-current portion of finance lease liabilities	299,399	704,255	110,513
Unrecognized tax benefits	68,317	77,192	12,113
Deferred tax liabilities	155,281	132,370	20,772
Non-current portion of deferred government grant	4,100	2,294	360
Non-current portion of operating lease liabilities	497,268	2,114,309	331,781
Total non-current liabilities	3,363,218	5,532,101	868,108
Total liabilities	10,930,142	14,684,410	2,304,303


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Net revenues	2,858,176	3,885,141	5,145,110	807,380
Net profit	111,592	73,748	92,594	14,530


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Net cash generated from operating activities	495,308	748,418	866,712	136,006
Net cash used in investing activities	(1,247,764)	(1,943,358)	(2,695,707)	(423,015)
Net cash generated from financing activities	885,286	1,302,082	1,788,528	280,659
Net increase (decrease) in cash and cash equivalents and restricted cash	132,830	107,142	(40,467)	(6,350)

(1)	Amounts due to inter-companies consist of intercompany payables to the other companies within the Company for the purchase of telecommunication resources and property and equipment on behalf of the Consolidated VIEs.

- Definition

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

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets


Category		Estimated useful life
Property		25-46 years
Leasehold improvements		Over the shorter of lease term or the estimated useful lives of the assets
Optical fibers		10-20 years
Computer and network equipment		1-10 years
Office equipment		2-8 years
Motor vehicles		2-8 years

Schedule of weighted average useful lives of intangible assets


Purchased software		5.3 years
Radio spectrum license		15 years
Operating permits*		33.6 years
Customer relationships*		8.3 years
Licenses*		15 years
Supplier relationships*		10 years
Trade Names*		20 years
Platform software*		5 years
Non-complete agreements*		5 years
Internal use software		3.7 years
Customer contract*		6.2 years

*	Acquired in the acquisitions of subsidiaries.

Schedule of impairment charges associated with long-lived assets and acquired intangibles


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Impairment of property and equipment	—	35,793	106,311	16,683
Impairment of intangible assets	—	38,654	—	—
Impairment of other non-current assets	—	7,172	2,956	463

Schedule of total interest expenses capitalized during the period, the interest expenses

As a result of total interest costs capitalized during the period, the interest expense for the years ended December 31, 2019, 2020 and 2021, was as follows:


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Interest expense and amortization cost of bonds payable	223,832	223,785	133,959	21,021
Interest expense and amortization cost of 2025 and 2026 Convertible Notes (Note 19)	—	18,880	25,919	4,067
Interest expense on bank and other borrowings	14,212	39,424	103,925	16,308
Interest expense on finance leases	120,185	130,196	124,567	19,547
Total interest costs	358,229	412,285	388,370	60,943
Less: Total interest costs capitalized	(12,274)	(31,676)	(53,420)	(8,382)
Interest expense, net	345,955	380,609	334,950	52,561

ACQUISITION AND DISPOSAL OF SUBSIDIARIES (Tables)

12 Months Ended

Dec. 31, 2021

SH Hesheng

Business Acquisition [Line Items]

Schedule of net identifiable assets of acquiree, business combination


	RMB	US$
Net assets acquired:
Operating permits (Note 9)	27,646	4,338
Property and equipment, net	94,148	14,774
Operating lease right-of-use assets, net	20,929	3,284
Other non-current assets	872	136
Cash and cash equivalents	423	66
Other current assets	25,646	4,025
Operating lease liabilities	(20,292)	(3,184)
Other current liabilities	(962)	(150)
Deferred tax liabilities	(10,853)	(1,703)
Total consideration in cash	137,557	21,586

Shulifang

Business Acquisition [Line Items]

Schedule of net identifiable assets of acquiree, business combination


		RMB
Net assets acquired:
Operating permits (Note 9)		45,134
Operating lease right-of-use assets, net		15,206
Other non-current assets		15,409
Cash and cash equivalents		53
Other current assets		601
Operating lease liabilities		(15,206)
Other current liabilities		(16,913)
Deferred tax liabilities		(11,284)
Total consideration in cash		33,000

Zhongke Zijing

Business Acquisition [Line Items]

Schedule of net identifiable assets of acquiree, business combination


	RMB	US$
Net assets acquired:
Operating permits (Note 9)	203,586	31,947
Land use rights, net (Note 10)	36,013	5,651
Other non-current assets	7,349	1,154
Cash and cash equivalents	3	—
Other current assets	21,017	3,298
Other current liabilities	(65,125)	(10,219)
Deferred tax liabilities	(50,959)	(7,997)
Total consideration in cash	151,884	23,834

LF Huahai

Business Acquisition [Line Items]

Schedule of net identifiable assets of acquiree, business combination


		RMB
Net assets acquired:
Operating permits (Note 9)		119,352
Operating lease right-of-use assets, net		183,174
Other non-current assets		27,524
Cash and cash equivalents		173
Other current assets		4,088
Other current liabilities		(35,600)
Operating lease liabilities		(183,873)
Deferred tax liabilities		(29,838)
Total consideration in cash		85,000

SH Shuzhong

Business Acquisition [Line Items]

Schedule of net identifiable assets of acquiree, business combination


		RMB
Property and equipment, net		348,475
Operating lease right-of-use assets, net		81,034
Customer contract (Note 9)		33,500
Purchased software		23
Deferred tax assets		14,848
Other non-current assets		1,685
Other current assets		44,774
Total assets acquired		524,339
Other current liabilities		(406,932)
Operating lease liabilities		(45,034)
Deferred tax liabilities		(41,169)
Total liabilities assumed		(493,135)
Net assets acquired		31,204
Purchase consideration		36,667
Goodwill		5,463

BJ TenxCloud

Business Acquisition [Line Items]

Schedule of net identifiable assets of acquiree, business combination


	RMB	US$
Property and equipment, net	470	74
Operating lease right-of-use assets, net	2,376	373
Technology platform (Note 9)	27,800	4,362
Customer relationship (Note 9)	19,000	2,982
Deferred tax assets	11,097	1,741
Other current assets	52,328	8,210
Total assets acquired	113,071	17,742
Other current liabilities	(29,395)	(4,612)
Operating lease liabilities	(2,500)	(392)
Deferred tax liabilities	(11,097)	(1,741)
Total liabilities assumed	(42,992)	(6,745)
Net assets acquired	70,079	10,997
Purchase consideration	414,743	65,082
Goodwill	344,664	54,085

ACCOUNTS AND NOTES RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2021

ACCOUNTS AND NOTES RECEIVABLE, NET

Schedule of accounts and notes receivable and the allowance for doubtful debt


	As of December 31,
	2020	2021
	RMB	RMB	US$
Accounts receivable	913,902	1,504,669	236,115
Notes receivable	2,252	948	150
Allowance for doubtful debt	(68,921)	(99,620)	(15,633)
	847,233	1,405,997	220,632

Schedule of analysis of the allowance for doubtful debt

As of December 31, 2020 and 2021, all accounts and notes receivable were due from third party customers. An analysis of the allowance for doubtful debt was as follows:


	For the years ended December 31,
	2020	2021
	RMB	RMB	US$
Balance at beginning of the year	67,828	68,921	10,816
Cumulative adjustment for changes in accounting policy	2,740	—	—
Additional due to business combination	—	16,256	2,251
Additional provision charged to expense	2,393	14,990	2,352
Write-off of accounts receivable	(4,040)	(547)	(86)
Balance at the end of the year	68,921	99,620	15,633

SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2021

SHORT-TERM INVESTMENTS

Schedule of short-term investments

Short-term investments consisted of the following as of December 31, 2020 and 2021:

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Schedule of prepaid expenses and other current assets


	As of December 31,
	2020	2021
	RMB	RMB	US$
Prepaid expenses	884,156	942,990	147,975
Tax recoverable	879,237	964,262	151,313
Deposits	31,774	68,887	10,809
Loan to third parties	19,107	17,492	2,745
Staff advances	968	1,561	245
Interest receivables	1,484	728	114
Others	49,458	53,991	8,472
	1,866,184	2,049,911	321,673

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2021

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment, including those held under finance leases


	As of December 31,
	2020	2021
	RMB	RMB	US$
At cost:
Property	1,511,429	1,778,377	279,066
Leasehold improvements	2,609,828	3,302,883	518,294
Computer and network equipment	4,899,577	5,923,149	929,471
Optical fibers	142,723	142,723	22,396
Office equipment	26,845	32,561	5,110
Motor vehicles	2,668	3,959	621
	9,193,070	11,183,652	1,754,958
Less: Accumulated depreciation	(3,285,138)	(4,206,943)	(660,160)
	5,907,932	6,976,709	1,094,798
Construction-in-progress	2,234,286	3,239,407	508,334
Impairment	(35,793)	(123,697)	(19,411)
Property and equipment, net	8,106,425	10,092,419	1,583,721

Schedule of depreciation expense


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Cost of revenues	644,108	850,746	1,107,655	173,815
Sales and marketing expenses	2,107	2,399	963	151
General and administrative expenses	30,110	29,711	23,186	3,639
Research and development expenses	20,203	25,531	32,921	5,166
	696,528	908,387	1,164,725	182,771

Schedule of carrying amounts of the Company's property and equipment held under finance leases


	As of December 31,
	2020	2021
	RMB	RMB	US$
Property	921,970	993,158	155,848
Computer and network equipment	1,019,588	823,625	129,245
Optical fibers	137,924	137,924	21,643
	2,079,482	1,954,707	306,736
Less: Accumulated depreciation	(661,796)	(629,927)	(98,849)
	1,417,686	1,324,780	207,887
Construction-in-progress	92,545	—	—
Impairment	(17,613)	(17,377)	(2,727)
	1,492,618	1,307,403	205,160

Schedule of carrying amounts of property and equipment pledged by the Company to secure banking borrowings


	As of December 31,
	2020	2021
	RMB	RMB	US$
Property	264,784	253,979	39,855
Leasehold improvements	90,947	160,959	25,258
Computer and network equipment	40,871	159,909	25,093
Office equipment	—	660	104
Construction-in-progress	238,771	—	—

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2021

INTANGIBLE ASSETS, NET

Schedule of intangible assets


		Radio									Internal
	Purchased	spectrum	Operating	Technology	Customer		Supplier	Trade	Customer	Non-Complete	use
	software	license	Permits	Platform	relationships	Licenses	relationships	names	contract	Agreement	software	Total
	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB
Intangible assets,Cost December 31, 2020	154,617	126,049	375,283	10,250	238,184	5,772	39,053	116,266	109,717	1,800	47,480	1,224,471
Accumulated Amortization 2020	(112,715)	(73,543)	(8,325)	(10,250)	(174,998)	(2,658)	(28,132)	(37,302)	(46,611)	(1,800)	(31,288)	(527,622)
Impairment	—	(38,654)	—	—	—	—	—	—	—	—	—	(38,654)
Intangible assets, Net December 31, 2020	41,902	13,852	366,958	—	63,186	3,114	10,921	78,964	63,106	—	16,192	658,195
Intangible assets, Cost December 31, 2021	177,421	123,167	625,129	38,050	257,183	5,772	39,053	116,266	109,717	1,800	58,902	1,552,460
Accumulated Amortization 2021	(122,239)	(74,056)	(24,830)	(12,777)	(203,356)	(3,043)	(31,206)	(43,115)	(55,897)	(1,800)	(42,036)	(614,355)
Impairment	—	(37,770)	—	—	—	—	—	—	—	—	—	(37,770)
Intangible assets, Net December 31, 2021	55,182	11,341	600,299	25,273	53,827	2,729	7,847	73,151	53,820	—	16,866	900,335
Intangible assets, Net December 31, 2021 (US$)	8,659	1,780	94,200	3,966	8,447	428	1,231	11,479	8,446	—	2,646	141,282

Schedule of annual estimated amortization expenses of intangible assets


	RMB	US$
2022	101,092	15,864
2023	84,724	13,295
2024	53,751	8,435
2025	33,932	5,325
2026	34,956	5,485
	308,455	48,404

LAND USE RIGHTS, NET (Tables)

12 Months Ended

Dec. 31, 2021

LAND USE RIGHTS, NET

Land use rights


	As of December 31,
	2020	2021
	RMB	RMB	US$
Cost	278,138	368,101	57,763
Accumulated amortization	(22,765)	(30,866)	(4,843)
Land use rights, net	255,373	337,235	52,920

Carrying value of land use rights pledged by company to secure banking borrowings

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2021

GOODWILL

Schedule of changes in the carrying amount of goodwill


	For the years ended December 31,
	2020	2021
	RMB	RMB	US$
Balance as of January 1	989,530	994,993	156,136
Additions	5,463	344,664	54,085
Balance as of December 31	994,993	1,339,657	210,221

LONG-TERM INVESTMENTS, NET (Tables)

12 Months Ended

Dec. 31, 2021

LONG-TERM INVESTMENTS, NET

Schedule of long-term investments


	As of December 31,
	2020	2021
	RMB	RMB	US$
Equity investments without readily determinable fair values	17,137	17,137	2,689
Equity method investments	116,667	79,506	12,476
Available-for-sale debt investments	1,713	1,600	251
	135,517	98,243	15,416

Schedule of equity method investments

Equity method investments:


				Increase (decrease)
				during
				the year ended
	As of December 31, 2019			December 31, 2020			As of December 31, 2020
		Share	Investments		Share	Distribution/derecognize		Share	Investments
	Cost of	equity	in equity	Cost of	equity gain	of share	Cost of	equity gain	in equity
	investments	gain (loss)	investee	investments	(loss)	equity (gain) loss	investments	(loss)	investee
	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB
Yizhuang Fund	101,000	7,152	108,152	—	12,254	(17,723)	101,000	1,683	102,683
Shihua DC Holdings	29,068	(29,068)	—	(29,068)	—	29,068	—	—	—
Jingliang Inter Cloud	6,000	(1,928)	4,072	—	(903)	—	6,000	(2,831)	3,169
Jingliang Century Cloud	4,000	—	4,000	—	—	—	4,000	—	4,000
ZJK Energy	5,907	(1,945)	3,962	—	(803)	—	5,907	(2,748)	3,159
WiFire Entities	20,000	(20,000)	—	—	—	—	20,000	(20,000)	—
Qidi Chengxin	3,930	—	3,930	—	(274)	—	3,930	(274)	3,656
	169,905	(45,789)	124,116	(29,068)	10,274	11,345	140,837	(24,170)	116,667


				Increase (decrease)
				during
				the year ended
	As of December 31, 2020			December 31, 2021			As of December 31, 2021
		Share	Investments		Share			Share	Impairment	Investments	Investments
	Cost of	equity	in equity	Cost of	equity gain	Impairment of	Cost of	equity gain	of	in equity	in equity
	investments	gain (loss)	investee	investments	(loss)	investment	investments	(loss)	investment	investee	investee
	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	RMB	US$
Yizhuang Fund	101,000	1,683	102,683	—	(33,968)	—	101,000	(32,285)	—	68,715	10,783
Jingliang Inter Cloud	6,000	(2,831)	3,169	—	(2,182)	—	6,000	(5,013)	—	987	155
Jingliang Century Cloud	4,000	—	4,000	—	—	—	4,000	—	—	4,000	628
ZJK Energy	5,907	(2,748)	3,159	—	(1,068)	—	5,907	(3,816)	—	2,091	328
WiFire Entities	20,000	(20,000)	—	—	—	—	20,000	(20,000)	—	—	—
Qidi Chengxin	3,930	(274)	3,656	—	57	—	3,930	(217)	—	3,713	582
BJ Chaohulian	—	—	—	5,000	(1,505)	(3,495)	5,000	(1,505)	(3,495)	—	—
	140,837	(24,170)	116,667	5,000	(38,666)	(3,495)	145,837	(62,836)	(3,495)	79,506	12,476

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2021

BORROWINGS

Schedule of borrowings and thier securities


	As of December 31,
	2020	2021
	RMB	RMB	US$
Short-term bank borrowings	34,000	—	—
Long-term bank borrowings, current portion	68,500	230,805	36,218
Other long-term borrowings, current portion	111,828	153,353	24,065
	214,328	384,158	60,283
Long-term bank borrowings, non-current portion	605,119	1,891,797	296,864
Other long-term borrowings, non-current portion	281,877	323,218	50,720
Total borrowings	1,101,324	2,599,173	407,867

Borrowings as of December 31, 2020 and 2021 were secured by the following:

December 31, 2020


Short-term bank borrowings		Secured by
(RMB)
34,000		Unsecured borrowings.

Long-term borrowings (including current portion)		Secured by
(RMB)
404,781		Secured by subsidiary’s property and equipment and land-use right with net book value of RMB505,004 and RMB40,034, respectively (Note 8/Note 10).
271,861		Secured by a subsidiary’s property and equipment and land-use right with net book value of RMB130,369 and RMB100,966, respectively (Note 8/Note 10), and a subsidiary’s stock.
190,682		Unsecured borrowing.
100,000		Secured by a subsidiary’s stock and the restricted cash of RMB104,400.
100,000		Secured by a subsidiary’s stock.
1,067,324

December 31, 2021


Long-term borrowings (including current portion)		Secured by
(RMB)
1,334,065		Secured by a subsidiary’s stock.
416,967		Secured by a subsidiary’s land-use right with net book value of RMB24,460 (US$3,838) (Note 10).
267,171		Secured by a subsidiary’s property and equipment and land-use right with net book value of RMB124,214 (US$19,492) and RMB96,201 (US$15,096), respectively (Note 8/Note 10), and a subsidiary’s stock.
212,302		Secured by a subsidiary’s property and equipment with net book value of RMB262,740 (US$41,230) (Note 8), and a subsidiary’s stock.
40,500		Secured by a subsidiary’s property and equipment and land-use right with net book value of RMB188,553 (US$29,588) and RMB15,160 (US$2,379), respectively (Note 8/Note 10).
328,168		Unsecured borrowing.
2,599,173

ACCRUED EXPENSES AND OTHER PAYABLES (Tables)

12 Months Ended

Dec. 31, 2021

ACCRUED EXPENSES AND OTHER PAYABLES

Schedule of components of accrued expenses and other payables


	As of December 31,
	2020	2021
	RMB	RMB	US$
Payables for purchase of property, equipment and software	1,148,742	1,464,086	229,747
Payroll and welfare payables	204,732	288,613	45,290
Share consideration due to the original shareholders for business combination (Note 4)	—	214,577	33,672
Accrued service fees	47,572	62,498	9,807
Liability classified share-based payments (Note 4)	—	55,156	8,655
Payables for office supplies and utilities	38,485	54,056	8,483
Payables for acquisitions	47,805	47,805	7,502
Value-added tax and other taxes payable	10,473	25,092	3,938
Amounts due to the original shareholders for acquired entities^*	66,466	21,560	3,383
Interest payables	37,799	3,595	564
Others	29,489	61,051	9,579
	1,631,563	2,298,089	360,620

LEASES (Tables)

12 Months Ended

Dec. 31, 2021

LEASES

Schedule of weighted-average remaining lease term and weighted-average discount rate


	As of December 31,
	2020		2021
Weighted average remaining lease term:
Operating lease	12.2 years		10.8 years
Finance lease	14.6 years		17.7 years

Weighted average discount rate:
Operating lease	6.56	%	7.01	%
Finance lease	8.63	%	7.27	%

Schedule of total lease cost


	For the year ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Lease cost
Finance lease cost:
Depreciation	216,664	255,458	274,052	43,005
Interest expenses	120,185	130,196	124,567	19,547
Operating lease cost	214,795	478,805	568,044	89,138
Total lease cost	551,644	864,459	966,663	151,690

Schedule of supplemental cash flow information related to leases


	For the year ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	193,174	477,189	593,615	93,151
Financing cash payments for finance leases	333,614	376,232	579,660	90,961

Schedule of future lease payments under operating leases and finance leases


	Operating Leases		Finance Leases
	RMB	US$	RMB	US$
2022	625,680	98,183	326,413	51,221
2023	486,679	76,371	234,013	36,722
2024	437,331	68,627	137,267	21,540
2025	404,703	63,507	95,157	14,932
2026	355,216	55,741	96,757	15,183
2027 and thereafter	2,032,828	318,995	1,722,737	270,335
Total future lease payments	4,342,437	681,424	2,612,344	409,933
Less: Imputed interest	(1,450,385)	(227,598)	(1,248,561)	(195,926)
Present value of future lease payments *	2,892,052	453,826	1,363,783	214,007

BONDS PAYABLE (Tables)

12 Months Ended

Dec. 31, 2021

BONDS PAYABLE

Schedule of repayments of the principal amounts of the Company's long-term borrowings, including the bonds payable, bank and other borrowings


	RMB	US$
For the years ending December 31,
2022	408,194	64,055
2023	358,279	56,222
2024	347,990	54,607
2025	367,776	57,712
2026	279,825	43,911
2027 and thereafter	891,338	139,870

DEFERRED GOVERNMENT GRANTS (Tables)

12 Months Ended

Dec. 31, 2021

DEFERRED GOVERNMENT GRANTS

Schedule of movements of deferred government grants


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Balance at beginning of the year	15,792	8,501	6,174	969
Recognized as a reduction of depreciation expense	(7,291)	(2,327)	(1,806)	(284)
Balance at end of the year	8,501	6,174	4,368	685

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

12 Months Ended

Dec. 31, 2021

ACCUMULATED OTHER COMPREHENSIVE LOSS

Schedule of changes in accumulated other comprehensive income by component, net of tax of nil


		Foreign currency
		translation
		RMB
Balance as of January 1, 2019		85,979
Current year other comprehensive loss		(8,075)
Balance as of December 31, 2019		77,904
Current year other comprehensive loss		(133,439)
Balance as of December 31, 2020		(55,535)
Current year other comprehensive loss		(34,908)
Balance as of December 31, 2021		(90,443)
Balance as of December 31, 2021, in US$		(14,192)

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

SHARE-BASED COMPENSATION

Schedule of employee share option activity under the 2010 Plan


			Weighted
		Weighted	average
		average	remaining	Aggregate
	Number of	exercise	contractual	intrinsic
	options	price	term	value
		(US$)	(Years)	(US$)
Outstanding, January 1, 2021	508,866	0.33	0.8	—
Exercised	(86,862)	0.73	—	—
Forfeited	(60,000)	0.70	—	—
Outstanding, December 31, 2021	362,004	0.17	0.01	482
Vested and expected to vest at December 31, 2021	362,004	0.17	0.01	482
Exercisable as of December 31, 2021	362,004	0.17	0.01	482

Schedule of RSUs activity under the 2014 Plan


		Weighted	Weighted
		average	average	Aggregate
	Number of	grant date	remaining	intrinsic
	RSUs	fair value	contractual life	value
		(US$)	(Years)	(US$)
Unvested, January 1, 2021	4,092,457	14.95	8.2	—
Granted	3,833,221	12.31	—	—
Vested	(3,768,186)	11.32	—	—
Forfeited	(1,349,363)	17.34	—	—
Unvested, December 31, 2021	2,808,129	14.18	7.4	25,357

Schedule of total share-based compensation expenses relating to share options and RSUs granted to employees


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Cost of revenues	1,884	15,251	13,713	2,152
Sales and marketing expenses	354	38,247	2,545	399
General and administrative expenses	40,501	82,672	292,947	45,970
Research and development expenses	1,177	634	10,805	1,696
	43,916	136,804	320,010	50,217

TAXATION (Tables)

12 Months Ended

Dec. 31, 2021

TAXATION

Schedule of loss before income taxes


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Non-PRC	(178,762)	(2,708,101)	675,369	105,980
PRC	2,953	137,178	(48,861)	(7,667)
	(175,809)	(2,570,923)	626,508	98,313

Schedule of income tax expenses


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Current	(70,324)	(131,844)	(111,082)	(17,431)
Deferred	64,887	22,508	(325)	(51)
	(5,437)	(109,336)	(111,407)	(17,482)

Schedule of reconciliation of tax computed by applying the statutory income tax rate


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
(Loss) income before income taxes	(175,809)	(2,570,923)	626,508	98,313
Income tax benefits (loss) computed at applicable tax rates (25%)	43,952	642,731	(156,627)	(24,578)
Non-deductible expenses	(23,082)	(4,117)	(13,116)	(2,058)
Research and development expenses	19,688	32,777	45,122	7,081
Preferential rate	20,213	26,554	14,232	2,233
Current and deferred tax rate differences	(8,699)	(36,391)	26,115	4,098
International rate differences	(77,066)	(711,962)	120,678	18,937
Tax exempted income	754	1,087	14,536	2,281
Foreign Investment	—	(10,263)	(49,815)	(7,817)
Unrecognized tax benefits (expenses)	1,728	(58,449)	(12,338)	(1,936)
Change in valuation allowance	25,423	6,465	(79,733)	(12,512)
Prior year provision to return true up	(8,348)	2,232	(22,898)	(3,593)
Others	—	—	2,437	382
Income tax expenses	(5,437)	(109,336)	(111,407)	(17,482)

Schedule of significant components of deferred taxes


	As of December 31,
	2020	2021
	RMB	RMB	US$
Deferred tax assets
Non-current
Allowance for doubtful debt	39,886	46,360	7,275
Impairment of long-lived assets	13,467	40,289	6,322
Impairment of long-term investment	2,150	3,024	475
Accrued expense	24,986	16,836	2,641
Tax losses	171,211	262,209	41,146
Property and equipment	22,631	28,569	4,483
Intangible assets	5,765	5,773	906
Finance lease	390,925	386,849	60,705
Deferred government grant	1,357	1,046	164
Operating lease	292,210	623,074	97,774
Loss picked up on equity method investments	57,201	66,121	10,376
Valuation allowance	(170,104)	(261,960)	(41,107)

Total deferred tax assets, net of valuation allowance	851,685	1,218,190	191,160

Deferred tax liabilities
Non-current
Intangible assets	186,258	241,090	37,831
Property and equipment	143,873	139,566	21,901
Capitalized interest expense	19,339	28,604	4,489
Finance lease	313,102	306,598	48,112
Operating lease	292,210	623,074	97,774
Investment in subsidiaries	10,263	59,660	9,362
Gain picked up from equity method investments	252	—	—

Total non-current deferred tax liabilities	965,297	1,398,592	219,469

Net deferred tax assets (liabilities)	(113,612)	(180,402)	(28,309)
Analysis as:
Deferred tax assets	185,481	168,002	26,363
Deferred tax liabilities	299,093	348,404	54,672

Net deferred tax liabilities	(113,612)	(180,402)	(28,309)

Schedule of roll-forward of unrecognized tax benefits


	For the years ended December 31,
	2020	2021
	RMB	RMB	US$
Balance at beginning of year	1,722	62,584	9,821
Reversal based on tax positions related to prior years	(629)	(170)	(27)
Additions based on tax positions related to the current year	61,491	2,440	382
Balance at end of year	62,584	64,854	10,176

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS

Schedule of significant related party transactions


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Services provided to:
-SZ Century	—	—	1,445	227
-Jingliang Inter Cloud	—	880	480	75
-BJ New Internet	—	—	170	27
-Xiaomi Group	437,694	527,679	—	—
-Qidi Tech	7,427	3,478	—	—
-BJ Cheetah	169	98	—	—
-BJ Kingsoft	3,475	43	—	—
-Taiji	7,899	—	—	—
-WiFire BJ	1,934	—	—	—
-Others	1,494	305	144	23

Services provided by:
-CYSD	38,918	38,918	38,918	6,107
-Beijing Huaqing	—	4,389	1,254	197
-BJ Kingsoft	3,492	16,867	—	—
-APL	—	8,124	—	—
-Jingliang Inter Cloud	8,829	4,956	—	—
-Taiji	19,942	—	—	—
-Others	5,866	796	1,223	192

Loan to:
-Shanghai Puping	—	62,531	75,611	11,865
- BJ New Internet	—	—	261	41
-Taiji	1,500	—	—	—

Interest income from loan to:
-SH Shibei	—	—	1,321	207
-BJ Fastweb	700	—	—	—

Lease deposit paid to:
-Ziguang Finance Leasing	6,154	135	—	—

Lease payment paid to:
-Ziguang Finance Leasing	17,156	30,776	10,431	1,637
-Beijing Qidi Yefeng	—	4,516	2,154	338
-Tuspark Harmonious	68,832	43,703	—	—

Cash consideration for shares repurchase
-Tuspark Innovation	—	—	1,701,804	267,050
-King Venture	—	130,472	—	—

Schedule of related party balances


	As of December 31,
	2020	2021
	RMB	RMB	US$
Amounts due from related parties:
Current:
-Shanghai Puping	62,531	138,142	21,677
- SZ Century	—	16,996	2,667
-SH Shibei	9,800	11,121	1,745
- BJ New Internet	—	441	69
-Ziguang Finance Leasing	2,042	—	—
-Others	1,146	1,267	200
	75,519	167,967	26,358
Non-current:
-Tuspark Harmonious	11,863	—	—
-Ziguang Finance Leasing	6,289	—	—
-Beijing Qidi Yefeng	1,124	—	—
-Others	1,286	—	—
	20,562	—	—
Amounts due to related parties:
Current:
- CYSD	189	6,870	1,078
-APL	783	765	120
- SZ Century	—	571	90
-Ziguang Finance Leasing	31,681	—	—
-Tuspark Harmonious	13,557	—	—
-Beijing Qidi Yefeng	4,410	—	—
-Others	387	566	89
	51,007	8,772	1,377
Non-current:
-Tuspark Harmonious	715,992	—	—
-Ziguang Finance Leasing	22,247	—	—
-Beijing Qidi Yefeng	9,507	—	—
	747,746	—	—

(LOSS) EARNING PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

(LOSS) EARNING PER SHARE

Schedule of basic and diluted loss per share


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Numerator:
Net (loss) earning	(181,246)	(2,680,259)	515,101	80,831
Net income attributable to noncontrolling interest	(1,046)	(29,088)	(15,003)	(2,354)
Net (loss) earning attributable to the Company	(182,292)	(2,709,347)	500,098	78,477
Plus undeclared cumulative dividend on perpetual convertible preferred shares	—	(22,806)	—	—
Deemed distribution to perpetual convertible preferred shareholders	—	(470,643)	—	—
Dividend distribution to perpetual convertible preferred shareholders	—	—	(5,831)	(915)
Adjusted net (loss) earning attributable to ordinary shareholders - Basic	(182,292)	(3,202,796)	494,267	77,562

Changes in the fair value of convertible promissory notes	—	—	(829,149)	(130,112)
Adjusted interest for convertible promissory notes	—	—	9,703	1,523
Adjusted net loss attributable to ordinary shareholders -Diluted	(182,292)	(3,202,796)	(325,179)	(51,027)


Denominator:
Weighted average number of shares outstanding—basic	668,833,756	716,888,919	865,352,554	865,352,554
Weighted average number of shares outstanding—diluted	668,833,756	716,888,919	911,591,433	911,591,433
(Loss) earning per share—Basic:
Net (loss) earning	(0.27)	(4.47)	0.57	0.09
	(0.27)	(4.47)	0.57	0.09
Loss per share—Diluted:
Net loss	(0.27)	(4.47)	(0.36)	(0.06)
	(0.27)	(4.47)	(0.36)	(0.06)

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

FAIR VALUE MEASUREMENTS

Summary of assets and liabilities measured at fair value on a recurring basis


	Fair value measurement using:
	Quoted prices in	Significant other
	active markets for	observable	Unobservable
	identical assets	inputs	inputs	Fair value at
	(Level 1)	(Level 2)	(Level 3)	December 31, 2020
	RMB	RMB	RMB	RMB
Cash equivalents:
- Time deposits	645,879	—	—	645,879
Short-term investments:
- Time deposits	285,872	—	—	285,872
Long-term investments:
- Available-for-sale debt securities	—	—	1,713	1,713
Assets	931,751	—	1,713	933,464

Short-term borrowings:
- Current portion of bonds payable	1,998,088	—	—	1,998,088
2025 Convertible Notes	—	—	3,014,057	3,014,057
Liabilities	1,998,088	—	3,014,057	5,012,145


	Fair value measurement using:
	Quoted prices in	Significant other
	active markets for	observable	Unobservable
	identical assets	inputs	inputs	Fair value at
	(Level 1)	(Level 2)	(Level 3)	December 31, 2021
	RMB	RMB	RMB	RMB	US$
Cash equivalents:
- Time deposits	15,013	—	—	15,013	2,356
Short-term investments:
- Time deposits	—	—	—	—	—
Long-term investments:
- Available-for-sale debt securities	—	—	1,600	1,600	251
Assets	15,013	—	1,600	16,613	2,607
- Current portion of bonds payable
Convertible promissory notes
- 2025 Convertible promissory notes	—	—	513,754	513,754	80,619
- 2026 Convertible promissory notes	3,021,852	—	—	3,021,852	474,195
Accrued expenses and other payables:
-Share consideration due to the original shareholders for business combination (Note 4)	—	—	214,577	214,577	33,672
Liabilities	3,021,852		728,331	3,750,183	588,486

Summary of reconciliation of all liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3)


		2025 Convertible Notes
		RMB
Fair value at issuance date (Note 19)		1,409,385
Foreign exchange loss		(219,001)
Changes in the fair value		2,544,220
Reclassification to equity		(720,547)
Fair value at December 31, 2020		3,014,057
Foreign exchange loss		(31,348)
Changes in the fair value		(829,149)
Reclassification to equity		(1,639,806)
Fair value at December 31, 2021		513,754
Fair value at December 31, 2021 (US$)		80,619


		Share consideration due to the original
		shareholders for business combination
		RMB
Fair value at grant date (Note 4)		214,953
Changes in the fair value		(376)
Fair value at December 31, 2021		214,577
Fair value at December 31, 2021 (US$)		33,672

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of commitments to purchase certain computer and network equipment and construction-in-progress

Purchase Commitments

As of December 31, 2021, the Company has the following commitments to purchase certain computer and network equipment and construction-in-progress:


	RMB	US$
For the year ending December 31,
2022	1,586,604	248,973
2023 and thereafter	32,725	5,135
	1,619,329	254,108

Schedule of outstanding purchase commitments in relation to bandwidth and cabinet capacity

Purchase Commitments

As of December 31, 2021, the Company has outstanding purchase commitments in relation to bandwidth and cabinet capacity consisting of the following:


	RMB	US$
For the year ending December 31,
2022	698,586	109,623
2023	110,779	17,384
2024	64,525	10,125
2025	2,314	363
2026	2,314	363
2027 and thereafter	3,355	526
	881,873	138,384

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Balance Sheets

Condensed balance sheets


		As of December 31,
	Notes	2020	2021
		RMB	RMB	US$
ASSETS
Current assets:
Cash and cash equivalents		62,116	100,019	15,695
Prepaid expenses and other current assets		97,391	93,546	14,679
Amounts due from subsidiaries	(b)	9,320,580	9,844,114	1,544,756
Total current assets		9,480,087	10,037,679	1,575,130

Non-current assets:
Investments in subsidiaries		2,169,222	2,333,998	366,255
Total non-current assets		2,169,222	2,333,998	366,255
Total assets		11,649,309	12,371,677	1,941,385
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accrued expenses and other payables		87,001	54,893	8,614
Account payables		52	51	8
Current portion of bonds payable		1,943,619	—	—
Amount due to related parties		783	765	120
Amounts due to subsidiaries	(b)	38,863	806,788	126,602
Total current liabilities		2,070,318	862,497	135,344

Non-current liabilities:
Convertible promissory notes		3,014,057	4,266,951	669,578
Total non-current liabilities		3,014,057	4,266,951	669,578
Total liabilities		5,084,375	5,129,448	804,922
Shareholders’ equity:
Class A Ordinary shares (par value of US$0.00001 per share; 1,199,790,000 and shares authorized; 672,024,600 and 859,932,323 issued and outstanding as of December 31, 2020 and 2021, respectively)		44	56	8
Class B Ordinary Shares (par value of US$0.00001 per share; 300,000,000 and 300,000,000 shares authorized; 145,875,113 and 30,721,723 issued and outstanding as of December 31, 2020 and 2021, respectively)		12	4	1
Class C Ordinary Shares (par value of US$0.00001 per share; 60,000 and 60,000 shares authorized; 60,000 and 60,000 shares issued and outstanding as of December 31, 2020 and 2021, respectively)		—	—	—
Series A perpetual convertible preferred shares (par value of US$0.00001 per share; 150,000 and 150,000 shares authorized; 150,000 and nil shares issued and outstanding as of December 31, 2020 and 2021, respectively)		1,047,468	—	—
Additional paid-in capital		13,083,119	15,198,055	2,384,906
Accumulated other comprehensive loss		(55,535)	(90,443)	(14,192)
Accumulated deficit		(7,160,651)	(7,515,920)	(1,179,412)
Treasury stock		(349,523)	(349,523)	(54,848)
Total shareholders’ equity		6,564,934	7,242,229	1,136,463
Total liabilities and shareholders’ equity		11,649,309	12,371,677	1,941,385

Condensed Statements of Operations

Condensed statements of operations


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Operating Expenses
General and administrative expenses	(44,490)	(94,175)	(275,881)	(43,292)
Operating loss	(44,490)	(94,175)	(275,881)	(43,292)
Other loss	(274,572)	(168,656)	(119,932)	(18,820)
Changes in the fair value of convertible promissory notes	—	(2,544,220)	829,149	130,112
Share of profits from subsidiaries and Consolidated VIEs	136,770	97,704	66,762	10,477
Net (loss) income attributable to VNET Group, Inc.	(182,292)	(2,709,347)	500,098	78,477
Income tax expense	—	—	—	—
Net (loss) income	(182,292)	(2,709,347)	500,098	78,477

Condensed Statements of Comprehensive Loss

Condensed statements of comprehensive (loss) income


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Net (loss) income	(182,292)	(2,709,347)	500,098	78,477
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustments, net of tax of nil	(8,075)	(133,439)	(34,908)	(5,478)
Other comprehensive loss, net of tax of nil:	(8,075)	(133,439)	(34,908)	(5,478)
Comprehensive (loss) income	(190,367)	(2,842,786)	465,190	72,999
Comprehensive (loss) income attributable to VNET Group, Inc.	(190,367)	(2,842,786)	465,190	72,999

Condensed Statements of Cash Flows

Condensed statements of cash flows


	For the years ended December 31,
	2019	2020	2021
	RMB	RMB	RMB	US$
Net cash used in operating activities	(142,989)	(743,944)	(218,664)	(34,313)
Net cash (used in) generated from investing activities	(1,011,257)	(3,036,370)	113,530	17,815
Net cash generated from financing activities	807,765	3,598,441	143,037	22,446
Net (decrease) increase in cash and cash equivalents and restricted cash	(346,481)	(181,873)	37,903	5,948
Cash and cash equivalents and restricted cash at beginning of the year	590,470	243,989	62,116	9,747
Cash and cash equivalents and restricted cash at end of the year	243,989	62,116	100,019	15,695

Parent Company

Schedule of significant related party transactions

The Company had the following related party balances as of December 31, 2020 and 2021:


	As of December 31,
	2020	2021
	RMB	RMB	US$
Amounts due from subsidiaries
- VNET HK	7,043,586	7,195,150	1,129,076
- WiFire Open Network Group Ltd.	2,157,285	2,286,602	358,818
- VNET Future Technology Limited	—	306,034	48,023
- VNET Mobile	56,265	55,679	8,737
- HongKong Fastweb Holdings Co., Limited	62,780	—	—
- Others	664	649	102
	9,320,580	9,844,114	1,544,756
Amounts due to subsidiaries
- DYX	9	462,551	72,584
- HongKong Fastweb Holdings Co., Limited	—	212,778	33,390
- VNET Beijing	35,783	76,453	11,997
- Others	3,071	55,006	8,631
	38,863	806,788	126,602

ORGANIZATION - Significant subsidiaries of the Company and consolidated variable interest entities (Details)	12 Months Ended
	Dec. 31, 2021
21ViaNet Group Limited ("21Vianet HK") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
21Vianet Data Center Co., Ltd. ("21Vianet China") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
21Vianet (Foshan) Technology Co., Ltd. ("FS Technology") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
21Vianet Anhui Suzhou Technology Co., Ltd.("SZ Technology") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
21Vianet Hangzhou Information Technology Co.,Ltd. ("HZ Technology") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
iJoy Holding Limited ("iJoy BVI") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
21Vianet Mobile Limited ("21V Mobile") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
WiFire Group Inc. ("WiFire Group") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
Joytone Infotech Co., Ltd. ("SZ Zhuoaiyi") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
21Vianet Ventures Limited (Ventures) \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
Abitcool (China) Broadband Inc. ("aBitCool DG") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
Diyixian.com Limited ("Diyixian.com") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
21Vianet Zhuhai Financial Leasing Limited \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
21Vianet DRP Investment Holdings Limited [Member] \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
Shihua DC Investment Holdings Limited. \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	51.00%
21Vianet (Xi'an) Technology Co., Ltd. ("Xi'an Tech") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	51.00%
Foshan Zhuoyi Intelligence Date Co., Ltd. ("FS Zhuoyi") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	51.00%
Beijing Hongyuan Network Technology Co., Ltd [Member] \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	51.00%
Dermot Holding Limited [Member] \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
Shihua DC Investment Holdings 2 Limited ("Shihua Holdings 2") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
Shanghai Waigaoqiao Free Trade Zone Hongming Logistics Co., Ltd. ("Hongming Logistics") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
Shanghai Edge Connect Technology Co., Ltd. ("SH Edge Connect") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
Beijing Jianghe Cloud Technology Co.,Ltd. ("BJ JHC") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
Beijing Shuntou Green Energy Data Technology Co.,Ltd. ("BJ ST") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
Shenzhen Diyixian Telecommunication Co., Ltd \| Variable Interest Entity, Primary Beneficiary
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	20.00%
Gu'an Junhui \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
Jiwa Senlin (Beijing) Engineering Co.,Ltd.( "Jiwa Engineering BJ") \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
BJ TenxCloud \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%
Zhongke Zijing \| Subsidiaries
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of direct ownership by the Company	100.00%

ORGANIZATION - Significant subsidiaries of the Company and consolidated variable interest entities (Parenthetical) (Details)	Nov. 11, 2021	Aug. 16, 2021	Jul. 15, 2021	Nov. 17, 2020	Sep. 11, 2020	Jul. 21, 2020	Jun. 30, 2020	Aug. 10, 2014
Dermot Entities
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of equity interests acquired								100.00%
SH Shuzhong
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of equity interests acquired							100.00%
Shulifang
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of equity interests acquired						100.00%
LF Huahai
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of equity interests acquired					100.00%
BJ JHC
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of equity interests acquired				100.00%
BJ TenxCloud
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of equity interests acquired			100.00%	100.00%
SH Hesheng
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of equity interests acquired	100.00%
Zhongke Zijing
Significant subsidiaries of the Company, VIEs and subsidiaries of VIEs
Percentage of equity interests acquired		100.00%

ORGANIZATION - Additional Information (Details) $ in Thousands			12 Months Ended
	Dec. 19, 2016	Jan. 31, 2011 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)
Organization
Consolidated VIE's assets pledged as collateral			¥ 0
Consolidated VIE's liabilities pledged as collateral			0
Option Agreement
Organization
Exclusive option price			¥ 1
Agreement agreement between 21Vianet China and the 21Vianet Technology, term	10 years		10 years
Agreement agreement between 21Vianet China and the 21Vianet Technology, expiration date	Dec. 18, 2026		Dec. 18, 2016
Technical Consulting and Service Agreement
Organization
Agreement agreement between 21Vianet China and the 21Vianet Technology, term	10 years		10 years
Agreement agreement between 21Vianet China and the 21Vianet Technology, expiration date	Dec. 18, 2026		Dec. 18, 2016
Service fee per hour			¥ 1,000
Loan Agreement \| Shareholders \| Loan one
Organization
Loan facility provided to related parties		¥ 7,000,000
Loan Agreement \| Shareholders \| Loan Two
Organization
Loan facility provided to related parties		¥ 3,000,000
Variable Interest Entity, Primary Beneficiary
Organization
Assets pledged as collateral			¥ 451,293,000	$ 70,818

ORGANIZATION - Financial information of the consolidated VIEs (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2021 USD ($)	Aug. 16, 2021 CNY (¥)	Aug. 16, 2021 USD ($)	Dec. 31, 2020 USD ($)
Current assets:
Cash and cash equivalents	¥ 1,372,481		¥ 2,710,349	¥ 1,808,483	$ 215,372	¥ 3
Restricted cash	327,767		270,450	478,873	51,434
Prepaid expenses and other current assets	2,049,911		1,866,184		321,673
Amounts due from related parties	167,967		75,519		26,358
Total current assets	5,324,123		6,055,607		835,469
Non-current assets:
Property and equipment, net	10,092,419		8,106,425		1,583,721
Intangible assets, net	900,335		658,195	1,224,471	141,282			$ 1,552,460
Land use rights, net	337,235		255,373		52,920	36,013	$ 5,651
Operating lease right-of-use assets, net	2,869,338		1,325,526		450,262
Goodwill	1,339,657		994,993	989,530	210,221			$ 156,136
Restricted cash	8,225		135,638	69,821	1,291
Deferred tax assets, net	168,002		185,481		26,363
Amounts due from related parties			20,562
Other non-current assets	1,957,462		1,500,438		307,169	7,349	1,154
Long-term investments, net	98,243		135,517		15,416
Total non-current assets	17,770,916		13,318,148		2,788,645
Total assets	23,095,039		19,373,755		3,624,114
Current liabilities:
Short-term bank borrowings			34,000
Accounts payable and notes payable	493,506		289,387		77,442
Accrued expenses and other payables	2,298,089		1,631,563		360,620
Advance from customers	1,041,902		1,041,594		163,497
Deferred revenue	55,695		63,245		8,740
Income tax payable	43,770		29,028		6,868
Amounts due to related parties	8,772		51,007		1,377
Current portion of finance lease liabilities	244,032		403,843		38,294
Current portion of long-term borrowings	230,805		68,500		36,218
Current portion of deferred government grant	2,074		2,074		325
Current portion of operating lease liabilities	607,997		452,272		95,408
Total current liabilities	5,179,995		6,121,960		812,854
Non-current liabilities:
Amounts due to related parties-non current			747,746
Non-current portion of finance lease liabilities	1,119,751		688,128		175,713
Unrecognized tax benefits	77,573		68,696		12,173
Deferred tax liabilities	348,404		299,093		54,672	¥ 50,959	$ 7,997
Non-current portion of deferred government grant	2,294		4,100		360
Non-current portion of operating lease liabilities	2,284,055		645,499		358,418
Total non-current liabilities	10,314,043		6,354,315		1,618,498
Total liabilities	15,494,038		12,476,275		2,431,352
Net profit	515,101	$ 80,831	(2,680,259)	(181,246)
Net cash generated from operating activities	1,387,922	217,796	714,243	802,922
Net cash generated from (used in) investing activities	(3,772,613)	(592,007)	(3,889,174)	(1,611,983)
Net cash (used in) generated from financing activities	967,577	151,833	4,163,255	461,557
Variable Interest Entity, Primary Beneficiary
Current assets:
Cash and cash equivalents	660,234		737,556		103,605
Restricted cash	317,199		260,450		49,775
Accounts receivable (net of allowance for doubtful debt of RMB66,416 and RMB67,632 (US$10,365) as of December 31, 2019 and 2020, respectively)	1,139,372		664,610		178,792
Prepaid expenses and other current assets	1,781,456		1,622,662		279,549
Amounts due from related parties	29,812		12,968		4,678
Total current assets	3,928,073		3,298,246		616,399
Non-current assets:
Property and equipment, net	6,754,511		5,170,878		1,059,930
Intangible assets, net	382,173		342,288		59,971
Land use rights, net	45,476		46,719		7,136
Operating lease right-of-use assets, net	2,666,182		1,134,073		418,382
Goodwill	308,110		308,110		48,349
Restricted cash	7,825		27,719		1,228
Deferred tax assets, net	136,903		168,181		21,483
Amounts due from related parties			20,562
Other non-current assets	612,198		435,144		96,067
Long-term investments, net	133,280		172,593		20,915
Total non-current assets	11,046,658		7,826,267		1,733,461
Total assets	14,974,731		11,124,513		2,349,860
Current liabilities:
Short-term bank borrowings	0		34,000
Accounts payable and notes payable	352,478		182,669		55,311
Accrued expenses and other payables	1,342,886		981,961		210,728
Advance from customers	1,041,902		1,041,594		163,497
Deferred revenue	49,055		58,066		7,698
Income tax payable	20,972		12,743		3,291
Amounts due to inter-companies	5,203,974		4,248,422		816,617
Amounts due to related parties	8,007		50,193		1,256
Current portion of finance lease liabilities	200,961		362,760		31,535
Current portion of long-term borrowings	350,609		165,328		55,018
Current portion of deferred government grant	2,074		2,074		325
Current portion of operating lease liabilities	579,391		427,114		90,919
Total current liabilities	9,152,309		7,566,924		1,436,195
Non-current liabilities:
Amounts due to inter-companies	1,020,972		1,020,972		160,213
Amounts due to related parties-non current	0		747,746
Long-term borrowings	1,480,709		570,135		232,356
Non-current portion of finance lease liabilities	704,255		299,399		110,513
Unrecognized tax benefits	77,192		68,317		12,113
Deferred tax liabilities	132,370		155,281		20,772
Non-current portion of deferred government grant	2,294		4,100		360
Non-current portion of operating lease liabilities	2,114,309		497,268		331,781
Total non-current liabilities	5,532,101		3,363,218		868,108
Total liabilities	14,684,410		10,930,142		$ 2,304,303
Revenues	5,145,110	807,380	3,885,141	2,858,176
Net profit	92,594	14,530	73,748	111,592
Net cash generated from operating activities	866,712	136,006	748,418	495,308
Net cash generated from (used in) investing activities	(2,695,707)	(423,015)	(1,943,358)	(1,247,764)
Net cash (used in) generated from financing activities	1,788,528	280,659	1,302,082	885,286
Net increase in cash and cash equivalents and restricted cash	¥ (40,467)	$ (6,350)	¥ 107,142	¥ 132,830

ORGANIZATION - Financial information of the consolidated VIEs (Parenthetical) (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Accounts receivable, allowance for doubtful accounts	¥ 82,654	$ 12,970	¥ 67,632

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated useful lives of property and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Property \| Minimum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	25 years
Property \| Maximum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	46 years
Optical Fibers \| Minimum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	10 years
Optical Fibers \| Maximum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	20 years
Computer and network equipment \| Minimum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	1 year
Computer and network equipment \| Maximum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	10 years
Office equipment \| Minimum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	2 years
Office equipment \| Maximum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	8 years
Motor vehicles \| Minimum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	2 years
Motor vehicles \| Maximum
PROPERTY AND EQUIPMENT, NET
Property and equipment, estimated useful life (in years)	8 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Weighted average useful lives of intangible assets (Details)	12 Months Ended
	Dec. 31, 2021
Purchased software
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	5 years 3 months 18 days
Radio Spectrum License
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	15 years
Operating Permits
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	33 years 7 months 6 days
Customer relationships
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	8 years 3 months 18 days
Licenses
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	15 years
Supplier relationships
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	10 years
Trade names
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	20 years
Platform Software
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	5 years
Non-compete agreement
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	5 years
Internal-use software
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	3 years 8 months 12 days
Customer contract.
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	6 years 2 months 12 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment charges associated with its long-lived assets and acquired intangibles (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Long-lived assets impairment	¥ 109,267	$ 17,146	¥ 81,619
Discount rate	13.00%	13.00%
Impairment of equipment	¥ 106,311	$ 16,683	35,793
Impairment of intangible assets	37,770		38,654
Impairment of other non-current assets	2,956	463	7,172
Other Asset Impairment Charges	¥ 2,956	$ 463	¥ 7,172

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Interest expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interest expense and amortization cost of bonds payable	¥ 133,959	$ 21,021	¥ 223,785	¥ 223,832
Interest expense and amortization cost of 2025 and 2026 Convertible Notes (Note 19)	25,919	4,067	18,880
Interest expense on bank and other borrowings	103,925	16,308	39,424	14,212
Interest expense on finance leases	124,567	19,547	130,196	120,185
Total interest costs	388,370	60,943	412,285	358,229
Less: Total interest costs capitalized	(53,420)	(8,382)	(31,676)	(12,274)
Interest expenses, net	¥ 334,950	$ 52,561	¥ 380,609	¥ 345,955

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) ¥ in Thousands, $ in Thousands			12 Months Ended
	Dec. 02, 2019 USD ($)	Jan. 01, 2019	Dec. 31, 2021 CNY (¥) segment shares	Dec. 31, 2021 USD ($) segment shares	Dec. 31, 2020 CNY (¥) segment shares	Dec. 31, 2019 CNY (¥) segment shares	Dec. 31, 2021 USD ($)	Jan. 01, 2020 CNY (¥)
Significant accounting policies
Accumulated deficit			¥ (7,590,382)		¥ (7,235,113)		$ (1,191,097)
Recorded credit loss			18,399	$ 2,887	2,393	¥ 1,557
Internal use software development costs, Amount capitalized			¥ 11,422		¥ 8,684	¥ 13,189	1,792
Lease, Practical Expedients, Package		true
Percentage of interest in limited partnerships applies the equity method of accounting			3.00%	3.00%
Number of reporting units \| segment			1	1	1	1
Impairment of long-lived assets			¥ 109,267	$ 17,146	¥ 81,619
Deferred revenue			55,695		63,245		$ 8,740
Revenue recognized			53,499	8,395
Advertising expense			7,272	$ 1,141	¥ 7,779	¥ 6,095
Share repurchase plan, shares repurchased (in shares) \| shares					0	242,830
Share Repurchase Plan, share value			¥ 1,704,890		¥ 130,650	¥ 11,840
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update (ASU) 2016-13
Significant accounting policies
Accumulated deficit								¥ 2,740
American Depository Shares
Significant accounting policies
Share Repurchase Plan, period	13 months
Share repurchase plan, shares repurchased (in shares) \| shares			0	0	0	242,830
Share Repurchase Plan, share value					¥ 0	¥ 11,840
Maximum
Significant accounting policies
Official exchange rate of foreign currency remeasured (RMB per one U.S. dollar)			6.3726				6.3726
Maximum \| American Depository Shares
Significant accounting policies
Share Repurchase Plan, value \| $	$ 20,000

CONCENTRATION OF RISKS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥) item customer	Dec. 31, 2020 CNY (¥) item customer	Dec. 31, 2019 item customer	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($) item
CONCENTRATION OF RISKS
Depreciation (appreciation) of RMB against US$	(2.30%)	(6.50%)	1.60%
Customer Concentration Risk
CONCENTRATION OF RISKS
Number of customers who contributed more than 2% of Company's revenue \| customer	0	0	0
Cabinet and Bandwidth Supply
CONCENTRATION OF RISKS
Number of suppliers \| item	5	5	5	5	5
Bandwidth and Cabinet Resources \| Supplier Concentration Risk \| Largest five suppliers
CONCENTRATION OF RISKS
Concentration of risk, percentage	39.00%	39.00%	21.00%
Bandwidth and Cabinet Resources \| Customer Concentration Risk \| Largest single customer \| Maximum
CONCENTRATION OF RISKS
Concentration of risk, percentage	10.00%		8.00%
Bandwidth and Cabinet Resources \| Customer Concentration Risk \| Aggregate local subsidiaries of a telecommunication carrier
CONCENTRATION OF RISKS
Concentration of risk, percentage	6.00%	3.00%	4.00%
Bandwidth and Cabinet Resources \| Customer Concentration Risk \| Customers on a stand-alone basis \| Minimum
CONCENTRATION OF RISKS
Concentration of risk, percentage	2.00%	2.00%	2.00%
PRC \| Credit Concentration Risk
CONCENTRATION OF RISKS
Cash and cash equivalents, restricted cash and short-term investments, held at major institutions	¥ 1,410,271	¥ 1,419,855		$ 221,303
Outside the PRC \| Credit Concentration Risk
CONCENTRATION OF RISKS
Cash and cash equivalents, restricted cash and short-term investments, held at major institutions	¥ 298,202			$ 46,794	$ 303,824

ACQUISITION AND DISPOSAL OF SUBSIDIARIES (Details) ¥ in Thousands, $ in Thousands									3 Months Ended	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Aug. 16, 2021 CNY (¥)	Aug. 16, 2021 USD ($)	Jul. 15, 2021 CNY (¥)	Jul. 15, 2021 USD ($)	Nov. 17, 2020 CNY (¥)	Jun. 30, 2020 CNY (¥)	Jun. 30, 2020 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2021 USD ($)	Jul. 15, 2021 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisitions [Abstract]
Cash consideration										¥ 679,941	$ 106,699	¥ 1,302,601	¥ 82,536
Liability classified share-based payments (Note 4)	¥ 55,156									55,156				$ 8,655
Net assets acquired:
Goodwill	1,339,657									1,339,657		¥ 994,993	¥ 989,530	210,221		$ 156,136
Payments to Acquire Productive Assets			¥ 151,884	$ 23,834
SH Shuzhong
Business Acquisitions [Abstract]
Equity interests acquired (as a percent)								100.00%	100.00%
Cash consideration								¥ 36,667
Net assets acquired:
Property and equipment, net								348,475	¥ 348,475
Operating lease right-of-use assets, net								81,034	81,034
Deferred tax assets								14,848	14,848
Other current assets								44,774	44,774
Total assets acquired								524,339	524,339
Other current liabilities								(406,932)	(406,932)
Operating lease liabilities								(45,034)	(45,034)
Deferred tax liabilities								(41,169)	(41,169)
Total liabilities assumed								(493,135)	(493,135)
Net assets acquired								31,204	31,204
Purchase consideration									36,667
Goodwill								5,463	5,463
SH Shuzhong \| Customer contract.
Net assets acquired:
Intangible assets								33,500	33,500
Other non-current assets								1,685	1,685
SH Shuzhong \| Purchased software
Net assets acquired:
Intangible assets								¥ 23	¥ 23
BJ TenxCloud
Business Acquisitions [Abstract]
Equity interests acquired (as a percent)					100.00%		100.00%								100.00%
Cash consideration					¥ 199,790	$ 31,351
Share settled liabilities fair value	214,577	$ 33,672			214,953	33,731
Contingent Consideration, cash to be paid	70,000									70,000				10,985
Contingent Consideration, Shares to be issued	167,342									167,342				20,260
Liability classified share-based payments (Note 4)	55,156									55,156				$ 8,655
Net assets acquired:
Property and equipment, net					470										$ 74
Operating lease right-of-use assets, net					2,376										373
Deferred tax assets					11,097										1,741
Other non-current assets					52,328										8,210
Total assets acquired					113,071										17,742
Other current liabilities					(29,395)										(4,612)
Operating lease liabilities					(2,500)										(392)
Deferred tax liabilities					(11,097)										(1,741)
Total liabilities assumed					(42,992)										(6,745)
Net assets acquired					70,079										10,997
Purchase consideration					414,743	$ 65,082
Goodwill					344,664										54,085
Revenue of acquiree since the acquisition date included in the consolidated statement of operations										91,038	14,286
Net profit of acquiree since the acquisition date included in the consolidated statement of operations										¥ 9,351	$ 1,467
BJ TenxCloud \| Maximum
Business Acquisitions [Abstract]
Service period										36 months	36 months
BJ TenxCloud \| Minimum
Business Acquisitions [Abstract]
Service period										12 months	12 months
BJ TenxCloud \| Technology platform (Note 9)
Net assets acquired:
Intangible assets					27,800										4,362
BJ TenxCloud \| Customer relationships
Net assets acquired:
Intangible assets					¥ 19,000										$ 2,982
BJ JHC
Business Acquisitions [Abstract]
Equity interests acquired (as a percent)							100.00%
Cash consideration							¥ 432,015
Contingent Consideration, cash to be paid	¥ 200,000						200,000			¥ 200,000
Net assets acquired:
Property and equipment, net							279,556
Operating lease right-of-use assets, net							112,398
Deferred tax assets							3,150
Other non-current assets							4,428
Other current assets							8,833
Other current liabilities							(90,805)
Operating lease liabilities							(120,120)
Deferred tax liabilities							(55,288)
BJ JHC \| Customer contract.
Net assets acquired:
Intangible assets							¥ 33,208

ACQUISITION AND DISPOSAL OF SUBSIDIARIES - Asset Acquisitions (Details)
¥ in Thousands, $ in Thousands

Nov. 11, 2021

CNY (¥)

Nov. 11, 2021

USD ($)

Aug. 16, 2021

CNY (¥)

Aug. 16, 2021

USD ($)

Nov. 17, 2020

CNY (¥)

Oct. 28, 2020

CNY (¥)

Sep. 11, 2020

CNY (¥)

Jun. 24, 2020

CNY (¥)

Dec. 31, 2021

CNY (¥)

Dec. 31, 2021

USD ($)

Nov. 11, 2021

USD ($)

Aug. 16, 2021

USD ($)

Dec. 31, 2020

CNY (¥)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

CNY (¥)

Net assets acquired:

Property and equipment, net

¥ 10,092,419

$ 1,583,721

¥ 8,106,425

Intangible assets, net

900,335

141,282

658,195

$ 1,552,460

¥ 1,224,471

Land Use Rights, Net

¥ 36,013

337,235

52,920

$ 5,651

255,373

Operating lease right-of-use assets, net

2,869,338

450,262

1,325,526

Deferred tax assets

168,002

26,363

185,481

Other non-current assets

7,349

1,957,462

307,169

1,154

1,500,438

Cash and cash equivalents

1,372,481

215,372

2,710,349

1,808,483

Other current assets

21,017

3,298

Other current liabilities

(65,125)

(10,219)

Operating lease liabilties

^[1]

(2,892,052)

(453,826)

Finance lease liabilities

^[1]

(1,363,783)

(214,007)

Deferred tax liabilities

(50,959)

(348,404)

(54,672)

(7,997)

(299,093)

Property and land use right

368,101

57,763

278,138

Construction-in-progress

3,239,407

508,334

2,234,286

Total consideration in cash

151,884

$ 23,834

BJ JHC

Net assets acquired:

Property and equipment, net

¥ 279,556

Operating lease right-of-use assets, net

112,398

Deferred tax assets

3,150

Other non-current assets

4,428

Other current assets

8,833

Other current liabilities

(90,805)

Operating lease liabilities

120,120

Deferred tax liabilities

(55,288)

Intangible assets, net

110,418

Cash and cash equivalents

30,319

Finance lease liabilities

(84,082)

Operating Permits

Net assets acquired:

Intangible assets, net

203,586

600,299

94,200

$ 31,947

366,958

625,129

375,283

Customer contract. | BJ JHC

Net assets acquired:

Intangible assets

33,208

Purchased software

Net assets acquired:

Intangible assets, net

¥ 55,182

8,659

¥ 41,902

$ 177,421

¥ 154,617

SH Hesheng

Asset acquisitions

Total cash consideration | $

$ 21,586

Equity interests acquired (as a percent) (AA)

100

Net assets acquired:

Property and equipment, net

¥ 94,148

$ 14,774

Operating lease right-of-use assets, net

20,929

3,284

Other non-current assets

872

136

Cash and cash equivalents

423

Other current assets

25,646

4,025

Other current liabilities

(962)

(150)

Operating lease liabilties

(20,292)

(3,184)

Deferred tax liabilities

(10,853)

(1,703)

Total consideration in cash

137,557

$ 21,586

SH Hesheng | Operating Permits

Net assets acquired:

Intangible assets, net

¥ 27,646

$ 4,338

Shulifang

Asset acquisitions

Total cash consideration

¥ 43,000

Equity interests acquired (as a percent) (AA)

100

Contingent consideration liability (AA) | $

$ 10,000

Net assets acquired:

Operating lease right-of-use assets, net

¥ 15,206

Other non-current assets

15,409

Cash and cash equivalents

Other current assets

601

Other current liabilities

(16,913)

Operating lease liabilties

(15,206)

Deferred tax liabilities

(11,284)

Total consideration in cash

33,000

Shulifang | Operating Permits

Net assets acquired:

Intangible assets, net

¥ 45,134

Zhongke Zijing

Asset acquisitions

Total cash consideration

¥ 151,884

$ 23,834

Equity interests acquired (as a percent) (AA)

100

BJ JHC

Net assets acquired:

Total consideration in cash

¥ 232,015

LF Huahai

Asset acquisitions

Total cash consideration

¥ 25,500

¥ 59,500

Equity interests acquired (as a percent) (AA)

30.07

69.93

Net assets acquired:

Operating lease right-of-use assets, net

¥ 183,174

Other non-current assets

27,524

Cash and cash equivalents

173

Other current assets

4,088

Other current liabilities

(35,600)

Operating lease liabilties

(183,873)

Deferred tax liabilities

(29,838)

Total consideration in cash

85,000

LF Huahai | Operating Permits

Net assets acquired:

Intangible assets, net

¥ 119,352

[1]	* Present value of future operating lease payments consisted of current portion of operating lease liabilities and non-current portion of operating lease liabilities, amounting to RMB607,997 (US$95,408) and RMB2,284,055 (US$358,418) for the year ended December 31, 2021, respectively.

ACCOUNTS AND NOTES RECEIVABLE, NET - Accounts and notes receivable and the allowance for doubtful debt (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
ACCOUNTS AND NOTES RECEIVABLE, NET
Accounts receivable	¥ 1,504,669	$ 236,115	¥ 913,902
Notes receivable	948	150	2,252
Allowance for doubtful debt	(99,620)	(15,633)	(68,921)	$ (10,816)	¥ (67,828)
Accounts and notes receivable, net	¥ 1,405,997	$ 220,632	¥ 847,233

ACCOUNTS AND NOTES RECEIVABLE, NET - Accounts and notes receivable due (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Balance at beginning of the year	¥ 68,921	$ 10,816	¥ 67,828
Cumulative adjustment for changes in accounting policy	99,620		68,921
Additional due to business combination	16,256	2,251
Additional provision charged to expense	14,990	2,352	2,393
Write-off of accounts receivable	(547)	(86)	(4,040)
Balance at end of the year	99,620	$ 15,633	68,921
Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at beginning of the year	¥ 2,740
Cumulative adjustment for changes in accounting policy			2,740
Balance at end of the year			¥ 2,740

SHORT-TERM INVESTMENTS - Short-term investments consisted (Details) ¥ in Thousands	Dec. 31, 2020 CNY (¥)
Short-term investments
SHORT-TERM INVESTMENTS
Time deposits	¥ 285,872

SHORT-TERM INVESTMENTS - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Short-term investments
SHORT-TERM INVESTMENTS
Investments, interest income	¥ 894	$ 140	¥ 5,712	¥ 8,687

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid expenses	¥ 942,990	$ 147,975	¥ 884,156
Tax recoverables	964,262	151,313	879,237
Deposits	68,887	10,809	31,774
Loan to third parties	17,492	2,745	19,107
Interest receivables	728	114	1,484
Staff advances	1,561	245	968
Others	53,991	8,472	49,458
Prepaid expenses and other current assets	¥ 2,049,911	$ 321,673	¥ 1,866,184

PROPERTY AND EQUIPMENT, NET - Property and equipment, held under capital leases (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	¥ 11,183,652	$ 1,754,958	¥ 9,193,070
Less: Accumulated depreciation	(4,206,943)	(660,160)	(3,285,138)
Property plant and equipment net excluding construction in progress	6,976,709	1,094,798	5,907,932
Construction-in-progress	3,239,407	508,334	2,234,286
Impairment	(123,697)	(19,411)	(35,793)
Property and equipment, net	10,092,419	1,583,721	8,106,425
Property
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	1,778,377	279,066	1,511,429
Leasehold improvements
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	3,302,883	518,294	2,609,828
Computer and network equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	5,923,149	929,471	4,899,577
Optical Fibers
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	142,723	22,396	142,723
Office equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	32,561	5,110	26,845
Motor vehicles
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	¥ 3,959	$ 621	¥ 2,668

PROPERTY AND EQUIPMENT, NET - Depreciation expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
PROPERTY AND EQUIPMENT, NET
Depreciation expense	¥ 1,164,725	$ 182,771	¥ 908,387	¥ 696,528
Cost of Revenues
PROPERTY AND EQUIPMENT, NET
Depreciation expense	1,107,655	173,815	850,746	644,108
Selling and Marketing Expense [Member]
PROPERTY AND EQUIPMENT, NET
Depreciation expense	963	151	2,399	2,107
General and Administrative Expense [Member]
PROPERTY AND EQUIPMENT, NET
Depreciation expense	23,186	3,639	29,711	30,110
Research and Development Expense [Member]
PROPERTY AND EQUIPMENT, NET
Depreciation expense	¥ 32,921	$ 5,166	¥ 25,531	¥ 20,203

PROPERTY AND EQUIPMENT, NET - Carrying amounts of property and equipment held under capital leases (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Lessee, Lease, Description [Line Items]
Property and equipment held under finance leases, gross	¥ 1,954,707	$ 306,736	¥ 2,079,482
Less: Accumulated depreciation	(629,927)	(98,849)	(661,796)
Property and equipment held under finance leases net excluding construction in progress	1,324,780	207,887	1,417,686
Construction-in-progress	3,239,407	508,334	2,234,286
Impairment	(17,377)	(2,727)	(17,613)
Property and equipment held under finance leases, net	¥ 1,307,403	$ 205,160	¥ 1,492,618
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Property
Lessee, Lease, Description [Line Items]
Property and equipment held under finance leases, gross	¥ 993,158	$ 155,848	¥ 921,970
Computer and network equipment
Lessee, Lease, Description [Line Items]
Property and equipment held under finance leases, gross	823,625	129,245	1,019,588
Optical Fibers
Lessee, Lease, Description [Line Items]
Property and equipment held under finance leases, gross	¥ 137,924	$ 21,643	137,924
Construction-in-progress
Lessee, Lease, Description [Line Items]
Construction-in-progress			¥ 92,545

PROPERTY AND EQUIPMENT, NET - Property and equipment pledged to secure banking borrowings (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Property
PROPERTY AND EQUIPMENT, NET
Assets pledged as collateral	¥ 253,979	$ 39,855	¥ 264,784
Leasehold improvements
PROPERTY AND EQUIPMENT, NET
Assets pledged as collateral	160,959	25,258	90,947
Computer and network equipment
PROPERTY AND EQUIPMENT, NET
Assets pledged as collateral	159,909	25,093	40,871
Office equipment
PROPERTY AND EQUIPMENT, NET
Assets pledged as collateral	¥ 660	$ 104
Construction-in-progress
PROPERTY AND EQUIPMENT, NET
Assets pledged as collateral			¥ 238,771

PROPERTY AND EQUIPMENT, NET - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
PROPERTY AND EQUIPMENT, NET
Depreciation expense	¥ 1,164,725	$ 182,771	¥ 908,387	¥ 696,528
Property, computer and network equipment and optical fiber
PROPERTY AND EQUIPMENT, NET
Depreciation expense	¥ 274,052	$ 43,005	¥ 255,458	¥ 216,664

INTANGIBLE ASSETS, NET - Intangible assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Weighted average useful lives of intangible assets
Beginning balance	¥ 658,195	$ 1,552,460	¥ 1,224,471
Accumulated Amortization	(614,355)		(527,622)
Amortization expense	(94,751)	(14,868)	(72,690)	¥ (71,028)
Impairment	(37,770)		(38,654)
Ending balance	900,335	141,282	658,195	1,224,471
Purchased software
Weighted average useful lives of intangible assets
Beginning balance	41,902	177,421	154,617
Accumulated Amortization	(122,239)		(112,715)
Ending balance	55,182	8,659	41,902	154,617
Radio Spectrum License
Weighted average useful lives of intangible assets
Beginning balance	13,852	123,167	126,049
Accumulated Amortization	(74,056)		(73,543)
Impairment	(37,770)		(38,654)
Ending balance	11,341	1,780	13,852	126,049
Operating Permits
Weighted average useful lives of intangible assets
Beginning balance	366,958	625,129	375,283
Accumulated Amortization	(24,830)		(8,325)
Ending balance	600,299	94,200	366,958	375,283
Technology Platform
Weighted average useful lives of intangible assets
Beginning balance		38,050	10,250
Accumulated Amortization	(12,777)		(10,250)
Ending balance	25,273	3,966		10,250
Customer relationships
Weighted average useful lives of intangible assets
Beginning balance	63,186	257,183	238,184
Accumulated Amortization	(203,356)		(174,998)
Ending balance	53,827	8,447	63,186	238,184
Licenses
Weighted average useful lives of intangible assets
Beginning balance	3,114	5,772	5,772
Accumulated Amortization	(3,043)		(2,658)
Ending balance	2,729	428	3,114	5,772
Supplier relationships
Weighted average useful lives of intangible assets
Beginning balance	10,921	39,053	39,053
Accumulated Amortization	(31,206)		(28,132)
Ending balance	7,847	1,231	10,921	39,053
Trade names
Weighted average useful lives of intangible assets
Beginning balance	78,964	116,266	116,266
Accumulated Amortization	(43,115)		(37,302)
Ending balance	73,151	11,479	78,964	116,266
Customer contract
Weighted average useful lives of intangible assets
Beginning balance	63,106	109,717	109,717
Accumulated Amortization	(55,897)		(46,611)
Ending balance	53,820	8,446	63,106	109,717
Non - Complete Agreement
Weighted average useful lives of intangible assets
Beginning balance		1,800	1,800
Accumulated Amortization	(1,800)		(1,800)
Ending balance		0		1,800
Internal-use software
Weighted average useful lives of intangible assets
Beginning balance	16,192	58,902	47,480
Accumulated Amortization	(42,036)		(31,288)
Ending balance	¥ 16,866	$ 2,646	¥ 16,192	¥ 47,480

INTANGIBLE ASSETS, NET - Amortization expenses (Details) - Dec. 31, 2021 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
INTANGIBLE ASSETS, NET
2022	¥ 101,092	$ 15,864
2023	84,724	13,295
2024	53,751	8,435
2025	33,932	5,325
2026	34,956	5,485
Annual estimated amortization expenses for intangible assets	¥ 308,455	$ 48,404

INTANGIBLE ASSETS, NET - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Weighted average useful lives of intangible assets
Intangible assets, amortization expenses	¥ 94,751	$ 14,868	¥ 72,690	¥ 71,028
Minimum
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	1 year	1 year
Maximum
Weighted average useful lives of intangible assets
Estimated useful life of intangible assets	36 years	36 years

LAND USE RIGHTS, NET - Land use rights amortized (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Aug. 16, 2021 CNY (¥)	Aug. 16, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
LAND USE RIGHTS, NET
Cost	¥ 368,101	$ 57,763			¥ 278,138
Accumulated amortization	(30,866)	(4,843)			(22,765)
Land use rights, net	¥ 337,235	$ 52,920	¥ 36,013	$ 5,651	¥ 255,373

LAND USE RIGHTS, NET - Land use rights pledged (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
LAND USE RIGHTS, NET
Land use rights	¥ 135,821	$ 21,313	¥ 141,000

GOODWILL - Carrying amount (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
GOODWILL
Beginning Balance	¥ 994,993	$ 156,136	¥ 989,530
Additions	344,664	54,085	5,463
Ending Balance	¥ 1,339,657	$ 210,221	¥ 994,993

GOODWILL - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Hosting and Related Services
Changes in the carrying amount of goodwill
Impairment losses of goodwill	¥ 0	¥ 0	¥ 0

LONG-TERM INVESTMENTS, NET - Long term investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
LONG-TERM INVESTMENTS, NET
Equity investments without readily determinable fair values	¥ 17,137	$ 2,689	¥ 17,137
Equity method investments	79,506	12,476	116,667
Available-for-sale debt investments	1,600	251	1,713
Long term investments	¥ 98,243	$ 15,416	¥ 135,517

LONG-TERM INVESTMENTS, NET - Equity Method Investments (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Schedule of Equity Method Investments [Line Items]
Cost investment	¥ 145,837		¥ 140,837		¥ 169,905
Share equity gain (loss)	(62,836)		(24,170)		(45,789)
Investment in an equity investee	79,506	$ 12,476	116,667	$ 116,667	124,116
Cost of investments incurred during the period	5,000		(29,068)
Share equity gain (loss) incurred during the period	(38,666)		10,274
Derecognize of share equity loss			11,345
Yizhuang Venture Investment Fund
Schedule of Equity Method Investments [Line Items]
Cost investment	101,000		101,000		101,000
Share equity gain (loss)	(32,285)		1,683		7,152
Investment in an equity investee	68,715	10,783	102,683		108,152
Share equity gain (loss) incurred during the period	(33,968)		12,254
Derecognize of share equity loss			(17,723)
WiFire Group Inc. ("WiFire Group")
Schedule of Equity Method Investments [Line Items]
Cost investment	20,000		20,000		20,000
Share equity gain (loss)	(20,000)		(20,000)		(20,000)
Chengdu Qidi Chengxin Education Limit ("Qidi Chengxin")
Schedule of Equity Method Investments [Line Items]
Cost investment			3,930		3,930
Share equity gain (loss)			(274)
Investment in an equity investee			3,656		3,930
Share equity gain (loss) incurred during the period			(274)
Shihua DC Holdings
Schedule of Equity Method Investments [Line Items]
Cost investment					29,068
Share equity gain (loss)					(29,068)
Cost of investments incurred during the period			(29,068)
Derecognize of share equity loss			29,068
Qidi Chengxin
Schedule of Equity Method Investments [Line Items]
Cost investment	3,930		3,930
Share equity gain (loss)	(217)		(274)
Investment in an equity investee	3,713	582	3,656
Share equity gain (loss) incurred during the period	57
Jingliang Inter Cloud
Schedule of Equity Method Investments [Line Items]
Cost investment	6,000		6,000		6,000
Share equity gain (loss)	(5,013)		(2,831)		(1,928)
Investment in an equity investee	987	155	3,169		4,072
Share equity gain (loss) incurred during the period	(2,182)		(903)
Jingliang Century Cloud
Schedule of Equity Method Investments [Line Items]
Cost investment	4,000		4,000		4,000
Investment in an equity investee	4,000	628	4,000		4,000
ZJK Energies [Member]
Schedule of Equity Method Investments [Line Items]
Cost investment	5,907		5,907		5,907
Share equity gain (loss)	(3,816)		(2,748)		(1,945)
Investment in an equity investee	2,091	$ 328	3,159		¥ 3,962
Share equity gain (loss) incurred during the period	(1,068)		¥ (803)
Beijing Super Internet Technology Research Institute Co., Ltd. ("BJ Chaohulian")
Schedule of Equity Method Investments [Line Items]
Cost investment	5,000
Share equity gain (loss)	(1,505)
Cost of investments incurred during the period	5,000
Share equity gain (loss) incurred during the period	¥ (1,505)

LONG-TERM INVESTMENTS, NET - Additional Information (Details) ¥ in Thousands, $ in Thousands	1 Months Ended					12 Months Ended
	Jan. 31, 2021 CNY (¥)	Dec. 31, 2019 CNY (¥)	Jan. 31, 2018 CNY (¥)	Sep. 30, 2017	Apr. 30, 2012 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Impairment of investment						¥ 3,495	$ 548	¥ 13,030
Distribution received								17,723	¥ 20,200
Increase (Decrease) in Cost of Investments in Equity Method Investments						5,000		(29,068)
Disposal gain									17,853
Equity method investment loss						(38,666)	(6,068)	10,869	(50,553)
Equity method investment						79,506		116,667		$ 12,476
WiFire Group Inc. ("WiFire Group")
Schedule of Equity Method Investments [Line Items]
Equity interest, percentage				33.33%
Percentage of ownership disposed				66.67%
Equity method investment						0
Equity Investments Without Readily Determinable Fair Value
Schedule of Equity Method Investments [Line Items]
Equity investments without readily determinable fair values						0		13,500
Impairment of investment						0		13,030	0
Dividend income of non-marketable investments						659	103	607	461
Gain from disposal of non-marketable investments						¥ 0		¥ 257	¥ 5,536
Yizhuang Venture Investment Fund
Schedule of Equity Method Investments [Line Items]
Equity interest, percentage		27.694%				27.694%		27.694%	27.694%	27.694%
Distribution received						¥ 0		¥ 17,723
Capital injected					¥ 101,000
Equity method investment loss								¥ 1,683
Chengdu Qidi Chengxin Education Limit ("Qidi Chengxin")
Schedule of Equity Method Investments [Line Items]
Equity interest, percentage		59.00%							59.00%
Capital injected		¥ 3,930
Jingliang Inter Cloud
Schedule of Equity Method Investments [Line Items]
Equity interest, percentage			60.00%
Capital injected			¥ 6,000
Jingliang Century Cloud
Schedule of Equity Method Investments [Line Items]
Equity interest, percentage			40.00%
Capital injected			¥ 4,000
Beijing Super Internet Technology Research Institute Co., Ltd. ("BJ Chaohulian")
Schedule of Equity Method Investments [Line Items]
Impairment of investment						3,495
Equity interest, percentage	30.00%
Capital injected	¥ 5,000
Increase (Decrease) in Cost of Investments in Equity Method Investments						5,000
Equity method investment loss						1,505	$ 236
Equity method investment						¥ 0

OTHER NON- CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2021 USD ($)
OTHER NON- CURRENT ASSETS
Prepayment for acquisition and purchase of property and equipment	¥ 1,704,221	¥ 1,277,027	$ 267,429
Percentage of prepayments on other non-current assets	87.00%	85.00%

BORROWINGS - Borrowings (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
BORROWINGS
Short-term bank borrowings			¥ 34,000
Long-term bank borrowings, current portion	¥ 230,805	$ 36,218	68,500
Other long-term borrowings, current portion	153,353	24,065	111,828
Borrowings, current portion, Total	384,158	60,283	214,328
Long-term bank borrowings, non-current portion	1,891,797	296,864	605,119
Other long-term borrowings, non-current portion	323,218	50,720	281,877
Total borrowings	¥ 2,599,173	$ 407,867	¥ 1,101,324

BORROWINGS - Unused loan facilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Short-term borrowings		¥ 34,000
Long-term borrowings (including current portion)	¥ 2,599,173	1,067,324
Unsecured Borrowing
Debt Instrument
Short-term borrowings		34,000
Long-term borrowings (including current portion)	328,168	190,682
Long Term Bank Borrowings
Debt Instrument
Long-term borrowings (including current portion)	212,302
Secured by subsidiary's property and equipment and land-use right \| Long Term Bank Borrowings
Debt Instrument
Long-term borrowings (including current portion)	40,500	404,781
Secured by subsidiary's property and equipment and land-use right and a subsidiary stock \| Long Term Bank Borrowings
Debt Instrument
Long-term borrowings (including current portion)		271,861
Secured by subsidiary's property and equipment and land-use right and a subsidiary stock \| Long-term bank borrowings, (including current portion) 2
Debt Instrument
Long-term borrowings (including current portion)	267,171
Secured by a subsidiary's stock and the restricted cash \| Long Term Bank Borrowings
Debt Instrument
Long-term borrowings (including current portion)		100,000
Secured by a subsidiary's stock \| Long Term Bank Borrowings
Debt Instrument
Long-term borrowings (including current portion)	1,334,065	¥ 100,000
Secured by a subsidiary's land-use right \| Long Term Bank Borrowings
Debt Instrument
Long-term borrowings (including current portion)	¥ 416,967

BORROWINGS - Unused loan facilities (Parenthetical) (Details) - Long Term Bank Borrowings $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Property and equipment
Debt Instrument
Assets pledged as collateral	¥ 262,740,000	$ 41,230
Land-use rights, net
Debt Instrument
Assets pledged as collateral	24,460,000	3,838
Secured by subsidiary's property and equipment and land-use right \| Property and equipment
Debt Instrument
Assets pledged as collateral	124,214,000	19,492	¥ 505,004,000
Secured by subsidiary's property and equipment and land-use right \| Land-use rights, net
Debt Instrument
Assets pledged as collateral	96,201,000	15,096	40,034,000
Secured by subsidiary's property and equipment and land-use right and a subsidiary stock \| Property and equipment
Debt Instrument
Assets pledged as collateral	188,553,000	29,588	130,369
Secured by subsidiary's property and equipment and land-use right and a subsidiary stock \| Land-use rights, net
Debt Instrument
Assets pledged as collateral	¥ 15,160,000	$ 2,379	100,966,000
Secured by a subsidiary's stock
Debt Instrument
Restricted cash			¥ 104,400,000

BORROWINGS - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Short and long term bank borrowings
Short-term bank borrowings, weighted average interest rate	5.22%	5.22%	4.46%
Short-term bank borrowings, term	1 year
Unused loan facilities (in RMB) or (in dollars)	¥ 1,217,835	$ 191,105	¥ 1,574,556
Long Term Bank Borrowings
Short and long term bank borrowings
Long-term bank borrowings, weighted average interest rate	5.31%	5.31%	5.61%

ACCRUED EXPENSES AND OTHER PAYABLES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
ACCRUED EXPENSES AND OTHER PAYABLES
Payables for purchase of property, equipment and software	¥ 1,464,086	$ 229,747	¥ 1,148,742
Payroll and welfare payables	288,613	45,290	204,732
Share consideration due to the original shareholders for business combination (Note 4)	214,577	33,672
Accrued service fees	62,498	9,807	47,572
Liability classified share-based payments (Note 4)	55,156	8,655
Payables for office supplies and utilities	54,056	8,483	38,485
Payables for acquisitions	47,805	7,502	47,805
Value-added tax and other taxes payable	25,092	3,938	10,473
Amounts due to the original shareholders for acquired entities	21,560	3,383	66,466
Interest payables	3,595	564	37,799
Others	61,051	9,579	29,489
Accrued expenses and other payables	¥ 2,298,089	$ 360,620	¥ 1,631,563

LEASES - Weighted average remaining lease term and discount rate (Details)	Dec. 31, 2021	Dec. 31, 2020
Weighted average remaining lease term:
Operating lease	10 years 9 months 18 days	12 years 2 months 12 days
Finance lease	17 years 8 months 12 days	14 years 7 months 6 days
Weighted average discount rate:
Operating lease	7.01%	6.56%
Finance lease	7.27%	8.63%

LEASES - Other information related to leases (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash payments for operating leases	¥ 593,615	$ 93,151	¥ 477,189	¥ 193,174
Financing cash payments for finance leases	¥ 579,660	$ 90,961	¥ 376,232	¥ 333,614

LEASES - Total lease cost (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Finance lease cost:
Depreciation	¥ 274,052	$ 43,005	¥ 255,458	¥ 216,664
Interest expenses	124,567	19,547	130,196	120,185
Operating lease cost	568,044	89,138	478,805	214,795
Total lease cost	¥ 966,663	$ 151,690	¥ 864,459	¥ 551,644

LEASES - Future lease payments under operating leases and finance leases (Details) - Dec. 31, 2021
¥ in Thousands, $ in Thousands

CNY (¥)

USD ($)

Future lease payments under finance leases

2021

¥ 326,413

$ 51,221

2022

234,013

36,722

2023

137,267

21,540

2024

95,157

14,932

2025

96,757

15,183

2026 and thereafter

1,722,737

270,335

Total future lease payments

2,612,344

409,933

Less: Imputed interest

(1,248,561)

(195,926)

Present value of future lease payments

^[1]

1,363,783

214,007

Future lease payments under operating leases

2021

625,680

98,183

2022

486,679

76,371

2023

437,331

68,627

2024

404,703

63,507

2025

355,216

55,741

2026 and thereafter

2,032,828

318,995

Total future lease payments

4,342,437

681,424

Less: Imputed interest

(1,450,385)

(227,598)

Present value of future lease payments

^[1]

¥ 2,892,052

$ 453,826

[1]	* Present value of future operating lease payments consisted of current portion of operating lease liabilities and non-current portion of operating lease liabilities, amounting to RMB607,997 (US$95,408) and RMB2,284,055 (US$358,418) for the year ended December 31, 2021, respectively.

LEASES - Additional information (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Cash paid for amounts included in the measurement of lease liabilities:
Current portion of operating lease liabilities	¥ 607,997	$ 95,408	¥ 452,272
Non-current portion of operating lease liabilities	2,284,055	358,418	645,499
Current portion of finance lease liabilities	244,032	38,294	403,843
Non-current portion of finance lease liabilities	¥ 1,119,751	$ 175,713	¥ 688,128

BONDS PAYABLE - Long-Term Borrowings, Including Bonds Payable, Bank and Other Borrowings (Detail) - Dec. 31, 2021 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
BONDS PAYABLE
2022	¥ 408,194	$ 64,055
2023	358,279	56,222
2024	347,990	54,607
2025	367,776	57,712
2026	279,825	43,911
2027 and thereafter	¥ 891,338	$ 139,870

BONDS PAYABLE - Additional Information (Details) ¥ in Thousands, $ in Thousands						12 Months Ended
	Oct. 04, 2021 USD ($)	Aug. 04, 2020 USD ($)	Aug. 12, 2019 USD ($)	Apr. 16, 2019 USD ($)	Apr. 15, 2019 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Apr. 15, 2019 USD ($)
Debt Instrument
Loss on debt extinguishment \| ¥						¥ 18,895	¥ 18,895
2020 Notes
Debt Instrument
Principal amount repurchased			$ 18,000	$ 150,839
Total aggregate principal amount repurchased (as a percent)				50.28%
Outstanding principal amount			$ 131,161
Principal amount repaid		$ (131,161)
Bonds Payable Repaid		$ (131,161)
Bonds 7.875%, Due 2021
Debt Instrument
Debt instrument, face amount								$ 300,000
Interest rate (as a percent)								7.875%
Proceeds from issuance of bonds, net \| ¥					¥ 1,976,474
Principal amount repaid	$ 300,000
Bonds Payable Repaid	$ 300,000

PERPETUAL CONVERTIBLE PREFERRED SHARES - Additional Information (Details) $ / shares in Units, ¥ in Thousands		1 Months Ended	12 Months Ended
	Mar. 01, 2021 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 CNY (¥)	Dec. 31, 2021 USD ($)
Class of Stock [Line Items]
Total cash consideration \| ¥					¥ 1,058,325
Class A Ordinary Shares
Class of Stock [Line Items]
Number of shares issued \| shares		150,000
Subscription price (in dollars per share)		$ 1,000
Dividend rate (as a percent)			4.50%	4.50%
Period after which Series A Preferred Shares will be mandatorily converted into Class A ordinary shares			6 months	6 months
Conversion price per share				$ 2.8333
Beneficial conversion feature			¥ 470,643	$ 72,129,000
Convertible shares \| $	$ 150,000
Preferred stock, convertible, conversion price	$ 17.00
Total issuance for converted preferred stock \| shares	54,507,816
American Depository Shares
Class of Stock [Line Items]
Total cash consideration \| $		$ 150,000,000
Cumulative dividends			¥ 28,637			$ 4,494,000
Conversion Threshold (as percent)			200.00%	200.00%
Conversion price per share				$ 17.00

CONVERTIBLE PROMISSORY NOTES (Details)	1 Months Ended		12 Months Ended
CONVERTIBLE PROMISSORY NOTES (Details)	Jun. 30, 2021 USD ($) $ / shares	Jan. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 $ / shares	Oct. 31, 2019 $ / shares
Debt Instrument [Line Items]
Changes In The Fair Value Of Convertible Promissory Notes			¥ (829,149,000)	$ (130,112,000)	¥ 2,544,220,000
Term of the notes			1 year	1 year
Changes in the fair value of convertible promissory notes			¥ (829,149,000)	$ (130,112,000)	2,544,220,000
Remaining amortization period for debt issuance cost			5 years	5 years
Convertible Notes Payable
Debt Instrument [Line Items]
Issuance costs \| ¥			¥ 18,932
2025 Convertible promissory notes
Debt Instrument [Line Items]
Cash consideration received						$ 200,000
Changes In The Fair Value Of Convertible Promissory Notes			¥ 829,149	$ 130,112	¥ 2,544,220
Term of the notes					5 years	5 years
Interest rate (as a percent)			2.00%		2.00%		2.00%
Issuance costs				0	¥ 2,939
Fair value of converted portion			¥ 1,639,806		720,547		$ 257,321
Fair value of notes			513,754		3,014,057		80,619
Changes in the fair value of convertible promissory notes			829,149	130,112	2,544,220
Fair value changes related to instrument-specific risk				0		$ 0
Coupon Interest expense			¥ 9,703	$ 1,523	¥ 18,880
2026 Convertible promissory notes
Debt Instrument [Line Items]
Interest rate (as a percent)		0.00%
Debt instrument, face amount		$ 600,000
Amount on exercise of option		$ 75,000
Observation period	40 days
Redemption price, percentage of Principal amount			100.00%	100.00%
Sinking fund				$ 0
Proceeds from issuance of notes				600,000
Debt Issuance costs							13,841
Carrying amount of Notes			¥ 3,753,197				$ 588,959
Coupon Interest expense				0
Amortization of debt discount and issuance costs			¥ 16,216	$ 2,544
Effective interest rate (as a percent)			0.47%				0.47%
Redemption upon maturity \| 2025 Convertible promissory notes
Debt Instrument [Line Items]
Redemption price, Percentage of principal amount redeemed			115.00%	115.00%
Early redemption at the option of the Purchasers \| 2025 Convertible promissory notes
Debt Instrument [Line Items]
Redemption price, Percentage of principal amount redeemed			109.00%	109.00%
Condition one \| 2026 Convertible promissory notes
Debt Instrument [Line Items]
Percentage of conversion price	130.00%		130.00%	130.00%
Trading days	20			20
Consecutive trading days period	30			30
Condition Two \| 2026 Convertible promissory notes
Debt Instrument [Line Items]
Trading days	5
Consecutive trading days period	10
Percentage of price to the last reported sale price	98.00%
American Depository Shares
Debt Instrument [Line Items]
Conversion price (in dollars per share) \| $ / shares							$ 12	$ 12	$ 54.47
American Depository Shares \| 2025 Convertible promissory notes
Debt Instrument [Line Items]
Conversion price (in dollars per share) \| $ / shares							12.00
American Depository Shares \| 2026 Convertible promissory notes
Debt Instrument [Line Items]
Conversion price (in dollars per share) \| $ / shares							18.3574
Class A Ordinary Shares
Debt Instrument [Line Items]
Number of shares issued upon conversion \| shares			42,401,010	42,401,010	23,710,140	23,710,140
Ordinary shares, par value (in dollars per share) \| $ / shares							$ 0.00001	$ 0.00001
Class A Ordinary Shares \| 2025 Convertible promissory notes
Debt Instrument [Line Items]
Number of shares issued upon conversion \| shares			42,401,010	42,401,010	23,710,140	23,710,140
Class A Ordinary Shares \| Condition one \| 2026 Convertible promissory notes
Debt Instrument [Line Items]
Number of shares represents one ADS	6
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.00001

DEFERRED GOVERNMENT GRANTS - Movements of Deferred Grants (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
DEFERRED GOVERNMENT GRANTS
Balance at beginning of the year	¥ 6,174	$ 969	¥ 8,501	¥ 15,792
Recognized as a reduction of depreciation expense	(1,806)	(284)	(2,327)	(7,291)
Balance at end of the year	¥ 4,368	$ 685	¥ 6,174	¥ 8,501

DEFERRED GOVERNMENT GRANTS - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
DEFERRED GOVERNMENT GRANTS
Government grants received	¥ 0	¥ 0	¥ 0

TREASURY STOCK (Details) - shares	12 Months Ended
TREASURY STOCK (Details) - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
TREASURY STOCK
Share repurchase plan, shares repurchased (in shares)		0	242,830
American Depository Shares
TREASURY STOCK
Share repurchase plan, shares repurchased (in shares)	0	0	242,830

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
ACCUMULATED OTHER COMPREHENSIVE LOSS
Beginning balance	¥ 6,897,480		¥ 5,231,628	¥ 5,363,184
Current year other comprehensive loss	(34,908)	$ (5,478)	(133,439)	(8,075)
Ending balance	7,601,001	1,192,762	6,897,480	5,231,628
Accumulated Translation Adjustment
ACCUMULATED OTHER COMPREHENSIVE LOSS
Beginning balance	(55,535)		77,904	85,979
Current year other comprehensive loss	(34,908)		(133,439)	(8,075)
Ending balance	¥ (90,443)	$ (14,192)	¥ (55,535)	¥ 77,904

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
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+ Details

MAINLAND CHINA EMPLOYEE CONTRIBUTION PLAN (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
PRC
MAINLAND CHINA EMPLOYEE CONTRIBUTION PLAN
Total expense for defined contribution plan	¥ 158,673	$ 24,899	¥ 77,982	¥ 121,266

SHARE-BASED COMPENSATION - Employee share options activity (Details) - 2010 Plan $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥) $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Number of options
Outstanding, beginning balance \| shares	508,866
Exercised (in shares) \| shares	(86,862)
Forfeited \| shares	(60,000)
Outstanding, ending balance \| shares	362,004	508,866
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number \| shares	362,004		362,004
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price			$ 0.17
Weighted average exercise price
Outstanding, beginning balance	$ 0.33
Exercised	0.73
Forfeited	0.70
Outstanding, ending balance	0.17	$ 0.33
Vested and expected to vest at December 31, 2020			$ 0.17
Exercisable, ending balance	$ 0.17
Weighted average remaining contractual term
Outstanding, December 31, 2019	3 days	9 months 18 days
Vested and expected to vest at December 31, 2020	3 days
Exercisable as of December 31, 2020	3 days
Aggregate intrinsic value
Outstanding, December 31, 2019	$ 3,072		$ 482
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1 \| $			$ 482

SHARE-BASED COMPENSATION - Restricted stock units activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested		$ 0
2010 Plan
Number of RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 0.17
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	362,004
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 482
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 0.73
Restricted Stock Units (RSUs)
Number of RSUs
Unvested, beginning balance	4,092,457
Granted	3,833,221
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 12.31
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	11.32
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 17.34
Forfeited	(1,349,363)
Unvested, ending balance	2,808,129	4,092,457
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested	$ 25,357
Vested	(3,768,186)
Weighted-average grant date fair value
Unvested, beginning balance (in dollars per share)	$ 14.95
Unvested, ending balance (in dollars per share)	$ 14.18	$ 14.95
Weighted-average remaining contractual terms (Years)
Unvested, December 31, 2019	7 years 4 months 24 days	8 years 2 months 12 days

SHARE-BASED COMPENSATION - Share compensation expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
SHARE-BASED COMPENSATION
Share-based compensation expense	¥ 320,010	$ 50,217	¥ 136,804	¥ 43,916
Cost of Revenues
SHARE-BASED COMPENSATION
Share-based compensation expense	13,713	2,152	15,251	1,884
Selling and Marketing Expense
SHARE-BASED COMPENSATION
Share-based compensation expense	2,545	399	38,247	354
General and Administrative Expense
SHARE-BASED COMPENSATION
Share-based compensation expense	292,947	45,970	82,672	40,501
Research and Development Expense
SHARE-BASED COMPENSATION
Share-based compensation expense	¥ 10,805	$ 1,696	¥ 634	¥ 1,177

SHARE BASED COMPENSATION - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands			12 Months Ended
	Oct. 30, 2015 shares	Jul. 16, 2010 shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) shares	May 13, 2020 shares	May 29, 2014 shares
SHARE-BASED COMPENSATION
Aggregate intrinsic value of options exercise \| $			$ 67	$ 2,336	$ 22
Unrecognized share-based compensation cost						¥ 114,522	$ 17,971
Compensation cost						55,156	8,655
Performance Based Awards
SHARE-BASED COMPENSATION
Share based compensation, RSUs granted			3,534,767	314,842	464,120
Performance Based Awards \| Option One
SHARE-BASED COMPENSATION
Performance review period			1 year
Performance Based Awards \| Option Two
SHARE-BASED COMPENSATION
Performance review period			4 years
Restricted Stock Units (RSUs)
SHARE-BASED COMPENSATION
Share based compensation, RSUs granted			3,833,221
Aggregate fair value, unvested						161,590	25,357
Weighted-average grant-date fair value \| $ / shares			$ 12.31	$ 22.62	$ 7.67
Total fair value vested \| $			$ 42,672	$ 3,866	$ 6,185
Unrecognized share-based compensation cost						¥ 86,208	$ 13,528
Unrecognized compensation costs, weighted-average recognition period			1 year 7 months 6 days
Minimum Performance Target
SHARE-BASED COMPENSATION
Share based compensation, RSUs granted			298,454	1,848,701	64,000
Market Based Awards
SHARE-BASED COMPENSATION
Share based compensation, RSUs granted			0	0	16,000
2014 Plan
SHARE-BASED COMPENSATION
Share based compensation, option expiry period	10 years
2014 Plan \| Maximum
SHARE-BASED COMPENSATION
Share based compensation, maximum aggregate number of ordinary shares to be issued	39,606,817								20,461,380
Share based compensation, option vesting period	4 years
Share based compensation arrangement by share based payment award maximum annual plan percentage increase to number of shares available for grant	15.00%
2014 Plan \| Minimum
SHARE-BASED COMPENSATION
Share based compensation, option vesting period	3 years
2010 Plan
SHARE-BASED COMPENSATION
Share based compensation, option expiry period		10 years
Share based compensation, option outstanding				508,866		362,004	362,004
Share based compensation, aggregate intrinsic value						¥ 3,072	$ 482
Share based compensation, fair value of option outstanding at grant date						¥ 4,701	$ 738
Share based compensation, fair value of shares exercised during the period \| $			$ 122	$ 594	$ 42
2010 Plan \| Maximum
SHARE-BASED COMPENSATION
Share based compensation, maximum aggregate number of ordinary shares to be issued		39,272,595
Share based compensation, option vesting period		4 years
2010 Plan \| Minimum
SHARE-BASED COMPENSATION
Share based compensation, option vesting period		3 years
2010 Plan and 2014 Plan \| Class A Ordinary Shares
SHARE-BASED COMPENSATION
Shares reserved for future issuance under the plan								7,562,532
2020 Plan
SHARE-BASED COMPENSATION
Percentage of share capital considered for Maximum shares issuable under the plan								5.00%
Share based compensation, option outstanding						362,004	362,004
2020 Plan \| Class A Ordinary Shares
SHARE-BASED COMPENSATION
Share based compensation, maximum aggregate number of ordinary shares to be issued								46,560,708

TAXATION - Income Taxes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
TAXATION
Loss before income taxes	¥ 626,508	$ 98,313	¥ (2,570,923)	¥ (175,809)
Non-PRC
TAXATION
Loss before income taxes	675,369	105,980	(2,708,101)	(178,762)
PRC
TAXATION
Loss before income taxes	¥ (48,861)	$ (7,667)	¥ 137,178	¥ 2,953

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (c)
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+ Details

TAXATION - Income Tax Benefits (Expense) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
TAXATION
Current	¥ (111,082)	$ (17,431)	¥ (131,844)	¥ (70,324)
Deferred	(325)	(51)	22,508	64,887
Income tax benefits (expenses)	¥ (111,407)	$ (17,482)	¥ (109,336)	¥ (5,437)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

TAXATION - PRC operations (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
TAXATION
Loss before income taxes	¥ 626,508	$ 98,313	¥ (2,570,923)	¥ (175,809)
Income tax benefits (loss) computed at applicable tax rates (25%)	(156,627)	(24,578)	642,731	43,952
Non-deductible expenses	(13,116)	(2,058)	(4,117)	(23,082)
Research and development expenses	45,122	7,081	32,777	19,688
Preferential rate	14,232	2,233	26,554	20,213
Current and deferred tax rate differences	26,115	4,098	(36,391)	(8,699)
International rate differences	120,678	18,937	(711,962)	(77,066)
Tax exempted income	14,536	2,281	1,087	754
Foreign Investment	(49,815)	(7,817)	(10,263)
Unrecognized tax benefits (expenses)	(12,338)	(1,936)	(58,449)	1,728
Change in valuation allowance	(79,733)	(12,512)	6,465	25,423
Prior year provision to return true up	(22,898)	(3,593)	2,232	(8,348)
Others	(2,437)	(382)
Income tax expenses	¥ (111,407)	$ (17,482)	¥ (109,336)	¥ (5,437)

TAXATION - PRC operations (Parenthetical) (Details)	12 Months Ended			36 Months Ended
TAXATION - PRC operations (Parenthetical) (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
TAXATION
Statutory income tax rate	25.00%	25.00%	25.00%	25.00%

TAXATION - Deferred Taxes (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Aug. 16, 2021 CNY (¥)	Aug. 16, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Non-current
Allowance for doubtful debt	¥ 46,360	$ 7,275			¥ 39,886
Impairment of long-lived assets	40,289	6,322			13,467
Impairment of long-term investment	3,024	475			2,150
Accrued expense	16,836	2,641			24,986
Tax losses	262,209	41,146			171,211
Property and equipment	28,569	4,483			22,631
Intangible assets	5,773	906			5,765
Finance lease	386,849	60,705			390,925
Deferred government grant	1,046	164			1,357
Operating lease	623,074	97,774			292,210
Loss picked up on equity method investments	66,121	10,376			57,201
Valuation allowance	(261,960)	(41,107)			(170,104)
Total deferred tax assets	1,218,190	191,160			851,685
Non-current
Intangible assets	241,090	37,831			186,258
Property and equipment	139,566	21,901			143,873
Capitalized interest expenses	28,604	4,489			19,339
Finance lease	306,598	48,112			313,102
Operating lease	623,074	97,774			292,210
Investment in subsidiaries	59,660	9,362			10,263
Gain picked up from equity method investments					252
Total non-current deferred tax liabilities	1,398,592	219,469			965,297
Deferred tax assets	168,002	26,363			185,481
Deferred tax liabilities	348,404	54,672	¥ 50,959	$ 7,997	299,093
Net deferred tax assets	(180,402)	(28,309)			(113,612)
Net deferred tax liabilities	¥ (180,402)	$ (28,309)			¥ (113,612)

TAXATION - Unrecognized Tax Benefits (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
TAXATION
Balance at beginning of year	¥ 62,584	$ 9,821	¥ 1,722
Reversal based on tax positions related to prior years	(170)	(27)	(629)
Additions based on tax positions related to the current year	2,440	382	61,491
Balance at end of year	¥ 64,854	$ 10,176	¥ 62,584

TAXATION - Additional Information (Details) ¥ in Thousands, $ in Thousands		1 Months Ended					12 Months Ended
	Jan. 01, 2008	Dec. 31, 2019	Dec. 31, 2016	Nov. 30, 2016	Oct. 31, 2015	Apr. 30, 2011	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018	Dec. 31, 2008	Dec. 31, 2021 USD ($)
TAXATION
Unified enterprise income tax rate	25.00%
Undistributed earnings from its PRC subsidiaries							¥ 1,428,251						$ 224,124
Withholding tax liability							59,660	$ 9,362
Unrecognized tax benefits							77,573		¥ 68,696				12,173
Unrecognized tax benefits impact in the effective rate							¥ 61,711
Shanghai Blue Cloud Technology Co., Ltd. ("SH Blue Cloud")
TAXATION
Preferential tax rate					15.00%		15.00%	15.00%	15.00%	15.00%
Shenzhen Diyixian Telecommunication Co., Ltd. ("SZ DYX")
TAXATION
Preferential tax rate				15.00%			15.00%	15.00%	15.00%	15.00%
Beijing TenxCloud Technology Co., Ltd. ("BJ TenxCloud")
TAXATION
Preferential tax rate			15.00%				15.00%	15.00%	15.00%	15.00%
Shanghai Hesheng Data System Co., Ltd ("SH Hesheng")
TAXATION
Preferential tax rate		15.00%					15.00%	15.00%	15.00%	15.00%
Beijing 21Vianet Broad Band Data Center Co., Ltd. ("21Vianet Beijing")
TAXATION
Income tax rate											15.00%
Preferential tax rate							15.00%	15.00%	15.00%	15.00%		15.00%
21Vianet (Xi'an) Information Outsourcing Industry Park Services Co., Ltd. ("Xi'an Sub")
TAXATION
Preferential tax rate						15.00%	15.00%	15.00%	15.00%	15.00%
TAIWAN \| DYX Taiwan
TAXATION
Income tax rate							20.00%	20.00%	20.00%	20.00%
PRC
TAXATION
Income tax rate on PRC tax resident enterprises							25.00%	25.00%
Net tax operating losses from PRC subsidiaries (in RMB)							¥ 1,096,951						172,136
Interest expenses (in RMB)							6,606	$ 1,037	¥ 5,391	¥ (1,447)
Accumulated interest expenses (in RMB)							¥ 12,718		¥ 6,112				$ 1,996
PRC \| Minimum
TAXATION
Net tax operating losses expiration year							2022	2022
PRC \| Maximum
TAXATION
Net tax operating losses expiration year							2031	2031
HONG KONG \| 21Vianet Hong Kong Entities
TAXATION
Income tax rate							16.50%	16.50%	16.50%	16.50%
Non-PRC
TAXATION
Withholding tax percent							10.00%	10.00%

RELATED PARTY TRANSACTIONS - Related party transactions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2021 USD ($)
RELATED PARTY TRANSACTIONS
Related party transaction, loans from	¥ 8,772		¥ 51,007		$ 1,377
Service Expense [Member]
RELATED PARTY TRANSACTIONS
Related party transaction expense	1,223	$ 192	796	¥ 5,866
Jingliang Interconnected Cloud Technology Co Ltd \| Service Revenue
RELATED PARTY TRANSACTIONS
Revenue from related party transactions	480	75	880
Jingliang Interconnected Cloud Technology Co Ltd \| Service Expense [Member]
RELATED PARTY TRANSACTIONS
Related party transaction expense			4,956	8,829
Beijing Tuspark Harmonious Investment Development Co Ltd
RELATED PARTY TRANSACTIONS
Related party transaction, loans from			13,557
Related party transaction, Lease payment paid			43,703	68,832
Xiaomi Communication Technology Limited and Beijing Xiaomi Mobile Software Limited \| Service Revenue
RELATED PARTY TRANSACTIONS
Revenue from related party transactions			527,679	437,694
Beijing Kingsoft Cloud Network Technology Limited \| Service Revenue
RELATED PARTY TRANSACTIONS
Revenue from related party transactions			43	3,475
Beijing Kingsoft Cloud Network Technology Limited \| Service Expense [Member]
RELATED PARTY TRANSACTIONS
Related party transaction expense			16,867	3,492
Beijing Cheetah Mobile Technology Limited \| Service Revenue
RELATED PARTY TRANSACTIONS
Revenue from related party transactions			98	169
Beijing Huaqing Property Management Co., Ltd \| Service Expense [Member]
RELATED PARTY TRANSACTIONS
Related party transaction expense	1,254	197	4,389
Apurimac Partners Limited
RELATED PARTY TRANSACTIONS
Related party transaction, loans from	765		783		120
Apurimac Partners Limited \| Service Expense [Member]
RELATED PARTY TRANSACTIONS
Related party transaction expense			8,124
Shanghai Puping
RELATED PARTY TRANSACTIONS
Related party transaction, loans to	75,611	11,865	62,531
BJ New Internet
RELATED PARTY TRANSACTIONS
Related party transaction, loans to	261	41
BJ New Internet \| Service Revenue
RELATED PARTY TRANSACTIONS
Revenue from related party transactions	170	27
Beijing Qidi Yefeng Investment Co., Ltd
RELATED PARTY TRANSACTIONS
Revenue from related party transactions			3,478	7,427
Related party transaction, loans from			4,410
Related party transaction, Lease payment paid	2,154	338	4,516
WiFire (Beijing) Technology Co., Ltd. \| Service Revenue
RELATED PARTY TRANSACTIONS
Revenue from related party transactions				1,934
Beijing Taiji Data Tech Co Ltd
RELATED PARTY TRANSACTIONS
Related party transaction, loans to				1,500
Beijing Taiji Data Tech Co Ltd \| Service Revenue
RELATED PARTY TRANSACTIONS
Revenue from related party transactions				7,899
Beijing Taiji Data Tech Co Ltd \| Service Expense [Member]
RELATED PARTY TRANSACTIONS
Related party transaction expense				19,942
SH Shibei
RELATED PARTY TRANSACTIONS
Related party transaction, interest income from loan	1,321	207
Beijing Chengyishidai Network Technology Company Limited
RELATED PARTY TRANSACTIONS
Related party transaction expense	38,918	6,107	38,918	38,918
Related party transaction, loans from	6,870		189		1,078
Other Related Party Transactions
RELATED PARTY TRANSACTIONS
Related party transaction, loans from	566		387		89
Other Related Party Transactions \| Service Revenue
RELATED PARTY TRANSACTIONS
Revenue from related party transactions	144	23	305	1,494
Beijing Fastweb Network Technology Co Ltd Bjfastweb
RELATED PARTY TRANSACTIONS
Related party transaction, interest income from loan				700
Ziguang Financial Leasing Co Ltd
RELATED PARTY TRANSACTIONS
Related party transaction, loans from			31,681
Related party transaction, Lease deposit paid			135	6,154
Related party transaction, Lease payment paid	10,431	1,637	30,776	¥ 17,156
Tuspark Innovation
RELATED PARTY TRANSACTIONS
Cash consideration for shares repurchase	1,701,804	267,050
King Venture
RELATED PARTY TRANSACTIONS
Cash consideration for shares repurchase			¥ 130,472
SZ Century
RELATED PARTY TRANSACTIONS
Related party transaction, loans from	571				$ 90
SZ Century \| Service Revenue
RELATED PARTY TRANSACTIONS
Revenue from related party transactions	¥ 1,445	$ 227

RELATED PARTY TRANSACTIONS - Related party balances (Details) ¥ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Amounts due from related parties current:
Amounts due from related parties current	¥ 167,967	$ 26,358,000	¥ 75,519
Amounts due from related parties non-current:
Amounts due from related parties non current			20,562
Amounts due to related parties current:
Amount due to a related party	8,772	1,377,000	51,007
Amounts due from related parties non-current:
Amounts due to related parties non current			747,746
Shihua DC Investment Management Limited ("Shihua Investment Management")
Amounts due from related parties current:
Amounts due from related parties current	11,121	1,745,000	9,800
Apurimac Partners Limited
Amounts due to related parties current:
Amount due to a related party	765	120,000	783
Other Related Party Transactions
Amounts due from related parties current:
Amounts due from related parties current	1,267	200,000	1,146
Amounts due from related parties non-current:
Amounts due from related parties non current			1,286
Amounts due to related parties current:
Amount due to a related party	566	89,000	387
Shanghai Puping
Amounts due from related parties current:
Amounts due from related parties current	138,142	21,677,000	62,531
Beijing Chengyishidai Network Technology Company Limited
Amounts due to related parties current:
Amount due to a related party	6,870	1,078,000	189
SZ Century
Amounts due from related parties current:
Amounts due from related parties current	16,996	2,667,000
Amounts due to related parties current:
Amount due to a related party	571	90,000
Ziguang Financial Leasing Co Ltd
Amounts due from related parties non-current:
Amounts due from related parties non current			6,289
Amounts due to related parties current:
Amount due to a related party			31,681
Amounts due from related parties non-current:
Amounts due to related parties non current			22,247
Beijing Tuspark Harmonious Investment Development Co Ltd
Amounts due from related parties non-current:
Amounts due from related parties non current			11,863
Amounts due to related parties current:
Amount due to a related party			13,557
Amounts due from related parties non-current:
Amounts due to related parties non current			715,992
Ziguang Financial Leasing Co., Ltd
Amounts due from related parties current:
Amounts due from related parties current			2,042
Beijing Qidi Yefeng Investment Co., Ltd
Amounts due from related parties non-current:
Amounts due from related parties non current			1,124
Amounts due to related parties current:
Amount due to a related party			4,410
Amounts due from related parties non-current:
Amounts due to related parties non current			¥ 9,507
BJ New Internet Co., Ltd
Amounts due from related parties current:
Amounts due from related parties current	¥ 441	$ 69,000

RELATED PARTY TRANSACTIONS - Additional information (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2019 CNY (¥)
RELATED PARTY TRANSACTIONS
Impairment of amount due from equity investees	¥ 52,142

RESTRICTED NET ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
RESTRICTED NET ASSETS
Minimum required Percentage of annual after-tax profit to the general statutory reserve	10.00%	10.00%
Maximum requirement of each of the Entity's PRC Subsidiaries' after-tax profits to be allocated to a general reserve fund as a percentage of each Subsidiaries' registered capital	50.00%	50.00%
Statutory reserves	¥ 74,462	$ 11,685	¥ 74,462
Restricted net asset, PRC generally accepted accounting principles (in RMB) or (in dollars)	¥ 13,114,157	$ 2,057,897

(LOSS) EARNING PER SHARE - Basic and diluted loss per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares
Numerator:
Net (loss) income	¥ 515,101	$ 80,831	¥ (2,680,259)	¥ (181,246)
Net profit attributable to noncontrolling interest	(15,003)	(2,354)	(29,088)	(1,046)
Net (loss) earning attributable to the Company	500,098	78,477	(2,709,347)	(182,292)
Plus undeclared cumulative dividend on perpetual convertible preferred shares \| ¥			(22,806)
Deemed distribution to perpetual convertible preferred shareholders \| ¥			(470,643)
Dividend distribution to perpetual convertible preferred shareholders	(5,831)	(915)
Adjusted net (loss) earning attributable to ordinary shareholders - Basic	(494,267)	(77,562)	3,202,796	182,292
Changes in the fair value of convertible promissory notes	829,149	130,112	(2,544,220)
Adjusted interest for convertible promissory notes	9,703	1,523
Adjusted net loss attributable to ordinary shareholders	494,267	77,562	(3,202,796)	(182,292)
Adjusted net loss attributable to ordinary shareholders -Diluted	¥ (325,179)	$ (51,027)	¥ (3,202,796)	¥ (182,292)
Denominator:
Weighted average number of shares outstanding - basic (in shares) \| shares	865,352,554	865,352,554	716,888,919	668,833,756
Weighted average number of shares outstanding - diluted (in shares) \| shares	911,591,433	911,591,433	716,888,919	668,833,756
(Loss) earning per share-Basic:
Net loss \| (per share)	¥ 0.57	$ 0.09	¥ (4.47)	¥ (0.27)
Basic (in per share) \| (per share)	0.57	0.09	(4.47)	(0.27)
Loss per share-Diluted:
Net loss \| (per share)	(0.36)	(0.06)	(4.47)	(0.27)
Diluted (in per share) \| (per share)	¥ (0.36)	$ (0.06)	¥ (4.47)	¥ (0.27)

(LOSS) EARNING PER SHARE - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
(LOSS) EARNING PER SHARE
Shares issued to depository bank (in shares)	7,800,000	0	6,700,002

SHARE CAPITAL (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands			1 Months Ended			12 Months Ended				24 Months Ended
	Aug. 19, 2021 shares	Mar. 01, 2021 shares	Apr. 30, 2021 USD ($) $ / shares shares	Aug. 31, 2020 CNY (¥) shares	Jun. 30, 2020 $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) Vote $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 $ / shares shares	Oct. 31, 2019 $ / shares shares
SHARE CAPITAL
Proceeds from issuance of stock						¥ (131)	$ (21)	¥ 2,680,421	¥ 572
Percentage of total principal amount converted							42.30%				23.70%
Shares issued to depository bank (in shares)						7,800,000	7,800,000	0	6,700,002
Share issued to depository bank \| ¥										¥ 0
Convertible shares		54,507,816
Public offering
SHARE CAPITAL
Proceeds from issuance of stock \| ¥				¥ 2,680,421
Tuspark Innovation
SHARE CAPITAL
Aggregate Purchase price \| $			$ 260,000
Number of shares converted from Class B to Class A			62,418,897
Sunrise Corporate Holding Ltd
SHARE CAPITAL
Number of shares converted from Class B to Class A	4,100,000
Class A Ordinary Shares
SHARE CAPITAL
Entitled vote per ordinary share \| Vote							1
Issuance of new shares for share option exercise and restricted share units vested						16,680,000	16,680,000	0	304,200
Number of shares repurchased and cancelled								104,304
Shares issued							1,199,790,000				1,199,790,000
Share Price \| $ / shares					$ 1,000
Number of shares offered and sold					150,000
Number of shares issued upon conversion						42,401,010	42,401,010	23,710,140
Number of convertible preferred stock, shares converted		150,000
Class A Ordinary Shares \| Public offering
SHARE CAPITAL
Number of shares offered and sold				117,300,000
Class A Ordinary Shares \| Over allotment option
SHARE CAPITAL
Number of shares offered and sold				15,300,000
Class A Ordinary Shares \| Tuspark Innovation
SHARE CAPITAL
Share repurchase price \| $ / shares			$ 5.346
Class B Ordinary Shares
SHARE CAPITAL
Entitled vote per ordinary share \| Vote							10
Conversion share ratio							1
Shares issued							300,000,000				300,000,000
Class B Ordinary Shares \| Tuspark Innovation
SHARE CAPITAL
Number of shares repurchased and cancelled			48,634,493
Ordinary shares repurchased			48,634,493
Class C Ordinary Shares
SHARE CAPITAL
Entitled vote per ordinary share \| Vote							1
Conversion share ratio							1
Shares issued							60,000				60,000
Class C Ordinary Shares \| Personal Group Limited
SHARE CAPITAL
Shares issued												60,000
Share Price \| $ / shares												$ 1.35
American Depository Shares
SHARE CAPITAL
Conversion price (in dollars per share) \| $ / shares							$ 12				$ 12	$ 54.47
American Depository Shares \| Public offering
SHARE CAPITAL
Number of shares offered and sold				19,550,000
American Depository Shares \| Over allotment option
SHARE CAPITAL
Number of shares offered and sold				2,550,000
American Depository Shares \| Tuspark Innovation
SHARE CAPITAL
Share repurchase price \| $ / shares			$ 32.076

FAIR VALUE MEASUREMENTS - Liabilities measured (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning Balance	¥ 214,953
Changes in the fair value	(376)
Ending Balance	214,577	$ 33,672	¥ 214,953
2025 Convertible promissory notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Beginning Balance	3,014,057		1,409,385
Foreign exchange loss	(31,348)		(219,001)
Changes in the fair value	(829,149)		2,544,220
Reclassification to equity	(1,639,806)		(720,547)
Ending Balance	¥ 513,754	$ 80,619	¥ 3,014,057

COMMITMENTS AND CONTINGENCIES - Capital commitments (Details) - Dec. 31, 2021 - Schedule of commitments to purchase certain computer and network equipment and construction-in-progress - Capital Commitments ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Long-term Purchase Commitment [Line Items]
2022	¥ 1,586,604	$ 248,973
2023 and thereafter	32,725	5,135
Commitments to purchase	¥ 1,619,329	$ 254,108

COMMITMENTS AND CONTINGENCIES - Purchase Commitments (Details) - Dec. 31, 2021 - Purchase commitment - Schedule of outstanding purchase commitments in relation to bandwidth and cabinet capacity ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Long-term Purchase Commitment [Line Items]
2022	¥ 698,586	$ 109,623
2022	110,779	17,384
2024	64,525	10,125
2025	2,314	363
2026	2,314	363
2027 and thereafter	3,355	526
Commitments to purchase	¥ 881,873	$ 138,384

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Oct. 30, 2020 CNY (¥)	Oct. 30, 2020 USD ($)
COMMITMENTS AND CONTINGENCIES
Accrual for unrecognized tax benefits and interest	¥ 77,573	$ 12,173
Estimated loss			¥ 1,628	$ 250

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Dec. 31, 2021
Subsequent Event
Term of the notes		1 year
Subsequent Event \| Convertible Notes Payable
Subsequent Event
Total aggregate principal amount	$ 250,000
Simple interest rate	2.00%
Term of the notes	5 years

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed balance sheets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Aug. 16, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Current assets
Cash and cash equivalents	¥ 1,372,481	$ 215,372	¥ 3	¥ 2,710,349	¥ 1,808,483
Short-term investments				285,872
Prepaid expenses and other current assets	2,049,911	321,673		1,866,184
Total current assets	5,324,123	835,469		6,055,607
Non-current assets
Total non-current assets	17,770,916	2,788,645		13,318,148
Total assets	23,095,039	3,624,114		19,373,755
Current liabilities:
Accrued expenses and other payables	2,298,089	360,620		1,631,563
Interest payable	3,595	564		37,799
Current portion of bonds payable				1,943,619
Total current liabilities	5,179,995	812,854		6,121,960
Non-current liabilities
Convertible promissory notes	4,266,951	669,578		3,014,057
Total non-current liabilities	10,314,043	1,618,498		6,354,315
Total liabilities	15,494,038	2,431,352		12,476,275
Shareholders' equity:
Additional paid-in capital	15,198,055	2,384,906		13,083,119
Accumulated other comprehensive loss	(90,443)	(14,192)		(55,535)
Accumulated deficit	(7,590,382)	(1,191,097)		(7,235,113)
Treasury stock	(349,523)	(54,848)		(349,523)
Total VNET Group, Inc. shareholders' equity	7,242,229	1,136,463		6,564,934
Total liabilities and shareholders' equity	23,095,039	3,624,114		19,373,755
Parent Company
Current assets
Cash and cash equivalents	100,019	15,695		62,116
Prepaid expenses and other current assets	93,546	14,679		97,391
Amounts due from subsidiaries	9,844,114	1,544,756		9,320,580
Total current assets	10,037,679	1,575,130		9,480,087
Non-current assets
Investments in subsidiaries	2,333,998	366,255		2,169,222
Total non-current assets	2,333,998	366,255		2,169,222
Total assets	12,371,677	1,941,385		11,649,309
Current liabilities:
Accrued expenses and other payables	54,893	8,614		87,001
Account payables	51	8		52
Current portion of bonds payable				1,943,619
Amount due to related parties	765	120		783
Amounts due to subsidiaries	806,788	126,602		38,863
Total current liabilities	862,497	135,344		2,070,318
Non-current liabilities
Total non-current liabilities	4,266,951	669,578		3,014,057
Total liabilities	5,129,448	804,922		5,084,375
Shareholders' equity:
Additional paid-in capital	15,198,055	2,384,906		13,083,119
Accumulated other comprehensive loss	(90,443)	(14,192)		(55,535)
Accumulated deficit	(7,515,920)	(1,179,412)		(7,160,651)
Treasury stock	(349,523)	(54,848)		(349,523)
Total VNET Group, Inc. shareholders' equity	7,242,229	1,136,463		6,564,934
Total liabilities and shareholders' equity	12,371,677	1,941,385		11,649,309
Class A Ordinary Shares
Shareholders' equity:
Ordinary shares	56	8		44
Class A Ordinary Shares \| Parent Company
Shareholders' equity:
Ordinary shares	56	8		44
Class B Ordinary Shares
Shareholders' equity:
Ordinary shares	4	1		12
Class B Ordinary Shares \| Parent Company
Shareholders' equity:
Ordinary shares	¥ 4	$ 1		12
Series A Perpetual Convertible Preferred Shares
Shareholders' equity:
Series A perpetual convertible preferred shares (par value of US$0.00001 per share; 150,000 and 150,000 shares authorized; 150,000 and nil shares issued and outstanding as of December 31, 2020 and 2021, respectively)				1,047,468
Series A Perpetual Convertible Preferred Shares \| Parent Company
Shareholders' equity:
Series A perpetual convertible preferred shares (par value of US$0.00001 per share; 150,000 and 150,000 shares authorized; 150,000 and nil shares issued and outstanding as of December 31, 2020 and 2021, respectively)				¥ 1,047,468

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed balance sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Condensed balance sheets
Series A perpetual convertible preferred shares, par value	$ 0.00001	$ 0.00001
Series A perpetual convertible preferred shares, authorized	150,000	150,000
Series A perpetual convertible preferred shares, shares issued	0	150,000
Series A perpetual convertible preferred shares, shares outstanding	0
Class A Ordinary Shares
Condensed balance sheets
Ordinary shares, par value (in dollars per share)	$ 0.00001	$ 0.00001
Ordinary shares, shares authorized (in shares)	1,199,790,000	1,199,790,000
Ordinary shares, shares issued (in shares)	859,932,323	672,024,600
Ordinary shares, shares outstanding (in shares)	859,932,323	672,024,600
Class B Ordinary Shares
Condensed balance sheets
Ordinary shares, par value (in dollars per share)	$ 0.00001	$ 0.00001
Ordinary shares, shares authorized (in shares)	300,000,000	300,000,000
Ordinary shares, shares issued (in shares)	30,721,723	145,875,113
Ordinary shares, shares outstanding (in shares)	30,721,723	145,875,113
Class C Ordinary Shares
Condensed balance sheets
Ordinary shares, par value (in dollars per share)	$ 0.00001	$ 0.00001
Ordinary shares, shares authorized (in shares)	60,000	60,000
Ordinary shares, shares issued (in shares)	60,000	60,000
Ordinary shares, shares outstanding (in shares)	60,000	60,000
Parent Company \| Class A Ordinary Shares
Condensed balance sheets
Ordinary shares, shares authorized (in shares)	1,199,790,000
Ordinary shares, shares issued (in shares)	859,932,323	859,932,323
Ordinary shares, shares outstanding (in shares)	672,024,600
Parent Company \| Class B Ordinary Shares
Condensed balance sheets
Ordinary shares, shares authorized (in shares)	300,000,000	300,000,000
Ordinary shares, shares issued (in shares)	145,875,113	145,875,113
Ordinary shares, shares outstanding (in shares)	30,721,723	30,721,723
Parent Company \| Class C Ordinary Shares
Condensed balance sheets
Ordinary shares, shares authorized (in shares)	60,000	60,000
Ordinary shares, shares issued (in shares)	60,000	60,000
Ordinary shares, shares outstanding (in shares)	60,000	60,000
Parent Company \| Series A Perpetual Convertible Preferred Shares
Condensed balance sheets
Series A perpetual convertible preferred shares, par value	$ 0.00001	$ 0.00001
Series A perpetual convertible preferred shares, authorized	150,000	150,000
Series A perpetual convertible preferred shares, shares issued	0	150,000
Series A perpetual convertible preferred shares, shares outstanding	0	150,000

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION- Condensed statements of operations (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Operating Expenses
General and administrative expenses	¥ (842,354)	$ (132,184)	¥ (535,111)	¥ (415,277)
Operating loss	21,314	3,345	116,604	182,234
Changes in the fair value of convertible promissory notes	829,149	130,112	(2,544,220)
Loss before income taxes	626,508	98,313	(2,570,923)	(175,809)
Comprehensive (loss) income attributable to VNET Group, Inc.	465,190	72,999	(2,842,786)	(190,367)
Income tax expenses	(111,407)	(17,482)	(109,336)	(5,437)
Net (loss) income attributable to the VNET Group, Inc.	500,098	78,477	(2,709,347)	(182,292)
Parent Company
Operating Expenses
General and administrative expenses	(275,881)	(43,292)	(94,175)	(44,490)
Operating loss	(275,881)	(43,292)	(94,175)	(44,490)
Other loss	(119,932)	(18,820)	(168,656)	(274,572)
Changes in the fair value of convertible promissory notes	829,149	130,112	(2,544,220)
Share of profits from subsidiaries and Consolidated VIEs	66,762	10,477	97,704	136,770
Loss before income taxes	500,098	78,477	(2,709,347)	(182,292)
Comprehensive (loss) income attributable to VNET Group, Inc.		72,999	(2,842,786)	(190,367)
Income tax expenses	0	0	0	0
Net (loss) income attributable to the VNET Group, Inc.	500,098	$ 78,477	¥ (2,709,347)	¥ (182,292)
Reportable Legal Entities [Member] \| Parent Company
Operating Expenses
Comprehensive (loss) income attributable to VNET Group, Inc.	465,190
Net (loss) income attributable to the VNET Group, Inc.	¥ 500,098

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statement of Comprehensive Loss (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Condensed statements of comprehensive loss
Net loss	¥ 500,098	$ 78,477	¥ (2,709,347)	¥ (182,292)
Other comprehensive loss, net of tax of nil
Foreign currency translation adjustments, net of tax of nil	(34,908)	(5,478)	(133,439)	(8,075)
Comprehensive (loss) income	480,193	75,353	(2,813,698)	(189,321)
Comprehensive loss attributable to 21Vianet Group, Inc.	465,190	72,999	(2,842,786)	(190,367)
Parent Company
Condensed statements of comprehensive loss
Net loss	500,098	78,477	(2,709,347)	(182,292)
Other comprehensive loss, net of tax of nil
Foreign currency translation adjustments, net of tax of nil		(5,478)	(133,439)	(8,075)
Other comprehensive income (loss), net of tax of nil:		(5,478)	(133,439)	(8,075)
Comprehensive (loss) income		72,999	(2,842,786)	(190,367)
Comprehensive loss attributable to 21Vianet Group, Inc.		$ 72,999	¥ (2,842,786)	¥ (190,367)
Reportable Legal Entities [Member] \| Parent Company
Condensed statements of comprehensive loss
Net loss	500,098
Other comprehensive loss, net of tax of nil
Foreign currency translation adjustments, net of tax of nil	(34,908)
Other comprehensive income (loss), net of tax of nil:	(34,908)
Comprehensive (loss) income	465,190
Comprehensive loss attributable to 21Vianet Group, Inc.	¥ 465,190

- Definition

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statement of Comprehensive Loss (Parenthetical) (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed statements of comprehensive loss
Foreign currency translation adjustments, tax	¥ 0	¥ 0	¥ 0
Parent Company
Condensed statements of comprehensive loss
Other comprehensive (loss) income, tax	0	0
Foreign currency translation adjustments, tax	¥ 0	¥ 0

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Condensed Cash Flow Statements, Captions
Net cash used in operating activities	¥ 1,387,922	$ 217,796	¥ 714,243	¥ 802,922
Net cash used in investing activities	(3,772,613)	(592,007)	(3,889,174)	(1,611,983)
Net cash generated from financing activities	967,577	151,833	4,163,255	461,557
Net increase (decrease) in cash and cash equivalents and restricted cash	(1,407,964)	(220,940)	759,260	(303,844)
Cash and cash equivalents and restricted cash at beginning of year	3,116,437	489,037	2,357,177	2,661,021
Total cash and cash equivalents and restricted cash	1,708,473	268,097	3,116,437	2,357,177
Parent Company
Condensed Cash Flow Statements, Captions
Net cash used in operating activities	(218,664)	(34,313)	(743,944)	(142,989)
Net cash used in investing activities	113,530	17,815	(3,036,370)	(1,011,257)
Net cash generated from financing activities	143,037	22,446	3,598,441	807,765
Net increase (decrease) in cash and cash equivalents and restricted cash	37,903	5,948	(181,873)	(346,481)
Cash and cash equivalents and restricted cash at beginning of year	62,116	9,747	243,989	590,470
Total cash and cash equivalents and restricted cash	¥ 100,019	$ 15,695	¥ 62,116	¥ 243,989

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Related Party transactions (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Amount due from related parties current
Amount due from related parties current	¥ 167,967	$ 26,358	¥ 75,519
Amount due to related parties
Amounts due to related parties of the consolidated VIEs without resource to the primary beneficiaries	8,772	1,377	51,007
Parent Company
Amount due from subsidiaries current
Amount due from subsidiaries current	9,844,114	1,544,756	9,320,580
Amounts due to subsidiaries
Amount due to subsidiaries current	806,788	126,602	38,863
Parent Company \| 21Vianet Hong Kong Entities
Amount due from subsidiaries current
Amount due from subsidiaries current	7,195,150	1,129,076	7,043,586
Parent Company \| Hong Kong Fastweb Holdings Co., Limited ("Fastweb HK")
Amount due from subsidiaries current
Amount due from subsidiaries current			62,780
Amounts due to subsidiaries
Amount due to subsidiaries current	212,778	33,390
Parent Company \| 21Vianet Mobile Limited ("21V Mobile")
Amount due from subsidiaries current
Amount due from subsidiaries current	55,679	8,737	56,265
Parent Company \| VNET Future Technology Limited
Amount due from subsidiaries current
Amount due from subsidiaries current	306,034	48,023
Parent Company \| WiFire Open Network Group Ltd
Amount due from subsidiaries current
Amount due from subsidiaries current	2,286,602	358,818	2,157,285
Parent Company \| DYX
Amounts due to subsidiaries
Amount due to subsidiaries current	462,551	72,584	9
Parent Company \| Other Subsidiaries
Amount due from subsidiaries current
Amount due from subsidiaries current	649	102	664
Amounts due to subsidiaries
Amount due to subsidiaries current	55,006	8,631	3,071
Parent Company \| Beijing 21Vianet Zhi Hui Neng Yuan System Technology Company Limited
Amounts due to subsidiaries
Amount due to subsidiaries current	¥ 76,453	$ 11,997	¥ 35,783

FAIR VALUE MEASUREMENTS - Assets and liabilities measured (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value on recurring basis	¥ 16,613	$ 2,607	¥ 933,464
Liabilities measured at fair value on recurring basis	3,750,183	588,486	5,012,145
Available-for-sales Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value on recurring basis	1,600	251	1,713
Current portion of bonds payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities measured at fair value on recurring basis			1,998,088
2025 Convertible promissory notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities measured at fair value on recurring basis	513,754	80,619	3,014,057
2026 Convertible promissory notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities measured at fair value on recurring basis	3,021,852	474,195
Accrued expenses and other payables: -Share consideration due to the original shareholders for business combination (Note 4)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities measured at fair value on recurring basis	214,577	33,672
Bank Time Deposits \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value on recurring basis			285,872
Bank Time Deposits \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value on recurring basis	15,013	$ 2,356	645,879
Quoted prices in active markets for identical assets and liabilities (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value on recurring basis	15,013		931,751
Liabilities measured at fair value on recurring basis	3,021,852		1,998,088
Quoted prices in active markets for identical assets and liabilities (Level 1) \| Current portion of bonds payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities measured at fair value on recurring basis			1,998,088
Quoted prices in active markets for identical assets and liabilities (Level 1) \| 2026 Convertible promissory notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities measured at fair value on recurring basis	3,021,852
Quoted prices in active markets for identical assets and liabilities (Level 1) \| Bank Time Deposits \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value on recurring basis			285,872
Quoted prices in active markets for identical assets and liabilities (Level 1) \| Bank Time Deposits \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value on recurring basis	15,013		645,879
Unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value on recurring basis	1,600		1,713
Liabilities measured at fair value on recurring basis	728,331		3,014,057
Unobservable inputs (Level 3) \| Available-for-sales Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets measured at fair value on recurring basis	1,600		1,713
Unobservable inputs (Level 3) \| 2025 Convertible promissory notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities measured at fair value on recurring basis	513,754		¥ 3,014,057
Unobservable inputs (Level 3) \| Accrued expenses and other payables: -Share consideration due to the original shareholders for business combination (Note 4)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Liabilities measured at fair value on recurring basis	¥ 214,577