0001193125-22-123622 | 20-F | XBRL Viewer

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Share-based Compensation - Summary of Restricted Shares Activities (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, Vested	(1,812,960)	(190,160)	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, Beginning balance	9,857,000	24,928,000	14,500,000
Restricted shares, Awarded		2,607,000	10,428,000
Restricted shares, Forfeited		(7,821,000)
Restricted shares, Vested	(6,232,000)	(9,857,000)
Restricted shares, Ending balance	3,625,000	9,857,000	24,928,000
Restricted weighted-average grant date fair value, Beginning balance	$ 0.23	$ 0.23	$ 0.21
Restricted weighted-average grant date fair value, Awarded		0.27	0.26
Restricted weighted-average grant date fair value, Forfeit		0.26
Restricted weighted-average grant date fair value, Vested	0.24	0.22
Restricted weighted-average grant date fair value, Ending balance	$ 0.21	$ 0.23	$ 0.23
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, Beginning balance	4,510,000	0
Restricted shares, Awarded	13,080,200	9,611,020
Restricted shares, Forfeited	(2,308,000)	(5,101,000)
Restricted shares, Vested	(3,018,000)	0
Restricted shares, Ending balance	12,264,000	4,510,000	0
Restricted weighted-average grant date fair value, Beginning balance	$ 0.20	$ 0
Restricted weighted-average grant date fair value, Awarded	0.30	0.22
Restricted weighted-average grant date fair value, Forfeit	0.20	0.24
Restricted weighted-average grant date fair value, Vested	0.19	0
Restricted weighted-average grant date fair value, Ending balance	$ 0.31	$ 0.20	$ 0

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

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

Schedule of Prepayments and Other Current Assets

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


	December 31, 2020		December 31, 2021
	RMB		RMB
Deposits		3,509		7,786
Prepaid service fees		5,234		7,868
Prepaid promotional expenses		3,971		4,536
Staff advances		141		495
Receivables from third-party online payment platform		1,511		5,652
Deductible Value Added Tax (“VAT”)		1,283		2,946
Others		3,722		4,321

Total		19,371		33,604

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2021

Credit Loss, Additional Improvements [Abstract]

Accounts Receivable, Net

4.	Accounts Receivable, Net

Accounts receivable, net is consisted of the following:


	December 31, 2020		December 31, 2021
	RMB		RMB
Accounts receivable, gross:		8,361		6,458
Less: allowance for doubtful accounts		—		—

Accounts receivable, net		8,361		6,458

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

non-recoverable

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

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Cash flows from operating activities:
Net Loss	$ (19,969)	¥ (127,300)	¥ (82,184)	¥ (132,957)
Adjustment to reconcile net loss to net cash generated from/(used in) operating activities:
Depreciation of property, equipment and leasehold improvement	3,017	19,200	17,677	10,772
Amortization of intangible assets	265	1,700	1,593	1,763
Amortization of right-of-use assets	1,621	10,329	8,569
Foreign exchange losses/(gains)	116	738	836	(1,178)
Investment (gains)/losses			(1,241)	0
Interest expense			2,395
Share-based compensation	5,862	37,359	50,741
Gains on disposal of property equipment and software			(28)
Changes in operating assets and liabilities:
Accounts receivable	299	1,903	(5,382)	3,506
Prepayments and other current assets	(2,501)	(15,935)	(4,989)	(12,850)
Accounts payable	396	2,526	5,968	(4,416)
Deferred revenue	574	3,656	2,471	3,862
Salary and welfare payable	4,707	29,998	26,393	29,414
Taxes payable	266	1,691	6,044	(2,253)
Lease liabilities	(1,299)	(8,279)	(8,555)
Accrued expenses and other current liabilities	453	2,886	14,277	8,584
Other non-current liabilities	(150)	(959)	5,411
Net cash (used in)/generated from operating activities	(6,343)	(40,400)	39,996	(95,753)
Cash flows from investing activities:
Purchase of property, equipment and leasehold improvement	(3,150)	(20,075)	(21,246)	(27,865)
Purchase of intangible assets	(134)	(855)	(1,759)	(1,505)
Purchase of short-term investments			(86,305)
Maturities of short-term investments	11,459	73,022	14,505
Net cash received from disposal of property, equipment and leasehold improvement	1	9	246	0
Net cash (used in)/generated from investing activities	8,176	52,101	(94,559)	(29,370)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares, net	28,746	183,188	259,043
Proceeds from excercise of vested share options		3	2
Proceeds from short-term loans	7,728	49,248	69,942
Repayments of short-term loans	(3,100)	(19,757)	(30,941)
Net cash generated from financing activities	33,374	212,682	298,046
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(952)	(6,063)	(7,038)	2,228
Net (decrease) /increase in cash, cash equivalents and restricted cash	34,255	218,294	236,445	(122,895)
Cash, cash equivalents and restricted cash at beginning of the year	50,082	319,154	82,709	205,604
Cash, cash equivalents and restricted cash at end of the year	84,337	537,448	319,154	82,709
Supplemental disclosures of cash flow information:
Cash paid for interest expenses	(493)	(3,141)	(1,888)
Income taxes paid	(145)	(924)
Accretions to preferred shares redemption value	$ 0	¥ 0	¥ 154,066	¥ 940,186

Fair Value Measurement

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

Recurring

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rate and currency rate.

The following table sets forth the Company’s financial instruments measured or disclosed at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2020. No balance of financial instruments measured or disclosed at fair value on a recurring basis as of December 31, 2021.


	Fair Value Measurement at December 31, 2020 Using
	Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable inputs (Level 3)		Fair Value at December 31, 2020
	RMB		RMB		RMB		RMB		US$
Short-term investments		—		73,022		—		73,022		11,191

Total		—		73,022		—		73,022		11,191

The Company’s other financial instruments, including cash and cash equivalents, accounts receivable, other receivables (included in “Prepayments and other current assets”), accounts payable, other payables (included in “Accrued expenses and other current liabilities”) and short-term loans are not measured at fair value in the consolidated balance sheets, as their carrying values approximated fair value due to their short-term maturity.

Non-recurring

As of December 31, 2020 and 2021, the group had no financial assets or financial liabilities that are measured

fair value

non-recurring

basis. The Group’s

non-financial

assets, such as intangible assets, property, equipment and leasehold improvement and other

non-current

assets, would be measured at fair value on

non-recurring

basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable.

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Supplemental Information Related To Operating Leases

As of December 31, 2020 and 2021, the Group recognized the following items related to operating leases on its consolidated balance sheet:


	December 31, 2020			December 31, 2021
	RMB			RMB
Operating lease ROU assets		4,282			28,941

Operating lease liabilities-non-current		(587	)		(17,076	)
Operating lease liabilities-current		(3,709	)		(13,929	)

Total operating lease liabilities		(4,296	)		(31,005	)

Weighted average remaining lease term		1.3 years			2.5 years
Weighted average discount rate		7.0	%		7.0	%

Summary of Lease, Cost

The components of lease cost for the years ended December 31, 2020 and 2021 were as follows:


	For the year ended December 31,
	2020		2021
	RMB		RMB
Operating lease cost		8,569		10,329
Short-term lease cost		7,456		9,353

Total lease cost		16,025		19,682

Supplemental cash flow information related to the operating leases was as follows:


	For the year ended December 31,
	2020		2021
	RMB		RMB
Cash paid for operating leases		8,867		9,786

Right-of-use assets obtained in exchange for operating lease liabilities		12,851		34,988

Summary of Lessee, Operating Lease, Liability, Maturity

A summary of maturity of operating lease liabilities under the Group’s

non-cancellable

operating leases as of December 31, 2021 is as follows:


	December 31, 2021
	RMB
2021		—
2022		14,446
2023		13,080
2024		5,969

Total lease payment		33,495

Less: interest		(2,490	)
Present value of operating lease liability		31,005

Leases - Summary of Lessee Operating Lease Liability Maturity (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Lessee Operating Lease Liability Maturity [Line Items]
2021	¥ 0
2022	14,446
2023	13,080
2024	5,969
Total lease payment	33,495
Less: interest	(2,490)
Present value of operating lease liability	31,005	¥ 4,296	¥ 11,700
Operating leases not yet commenced	¥ 0	¥ 0

Leases - Summary of Lease Cost (Detail) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease Cost [Line Items]
Operating lease cost	¥ 10,329	¥ 8,569
Short-term lease cost	9,353	7,456
Total lease cost	19,682	16,025
Cash paid for operating leases	9,786	8,867
Right-of-use assets obtained in exchange for operating lease liabilities	¥ 34,988	¥ 12,851

Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

2.	Significant Accounting Policies

Basis of presentation

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

Principles of consolidation

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

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

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

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

Use of estimates

The preparation of the Group’s consolidated financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the balance sheet date and reported revenues and expenses during the reported years in the consolidated financial statements and accompanying notes. Such accounting estimates include, but are not limited to, assessment of average user relationship period for podcast business, assessment for the impairment of long-lived assets, provision for income taxes and valuation allowance for deferred tax assets, fair value of ordinary shares and preferred shares before IPO, and valuation and recognition of share-based compensation expenses.

Functional currency and foreign currency translation

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

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

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

Convenience Translation

Translations of balances in the consolidated balance sheets, the consolidated statements of operations and comprehensive loss and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2021 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.3726, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 3

, 2021.

No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into U.S. dollars at such rate or at any other rate.

Fair value measurements

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

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

•

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

•

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

•

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

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

See Note 2

for additional information.

Cash and cash equivalents

Cash and cash equivalents mainly represent cash and demand deposits placed with financial institutions, and highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase with terms of three months or less.

As of December 31, 2020 and 2021, the Group had cash held in accounts managed by online payment platforms such as Alipay and WeChat Pay in connection with the collection of service fees online for a total amount of RMB11.6 million and RMB11.3 million, respectively, which have been classified as cash and cash equivalents on the consolidated balance sheets.

As of December 31, 2020 and 2021, the Group had approximately RMB152.0 million and RMB237.8 million cash and cash equivalents held by its PRC subsidiaries and VIEs, representing 48.2% and 44.6% of total cash and cash equivalents of the

Group, respectively. Cash transfers from the Company’s PRC subsidiaries and VIEs to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may temporarily restrict the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations.

The Group had no lien arrangements during the years ended December 31, 2020 and 2021.

Restricted cash

Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the consolidated balance sheets. As of December 31, 2021, bank balance of the Group amounted to RMB4.2 million was restricted, among which RMB1.2 million was restricted for security against the Company’s credit card and RMB3.0

million, of which full provision was recorded, was restricted due to an ongoing investigation of an end consumer of the platform as requested by the local authorities.

Revenue recognition

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

The Group adopted ASC Topic 606, “Revenue from Contracts with Customers” for all years presented. Consistent with the criteria of Topic 606, the Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services using the five steps defined under ASC Topic 606.

Audio entertainment revenue

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

non-refundable

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

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

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

pre-determined

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

Revenue related to each consumable item is a single performance obligation provided on a consumption basis and is recognized at the point in time when the virtual item is transferred directly to the users and consumed by them. Revenue related to time-based virtual items is recognized ratably over the contract period. During the years ended December 31, 2019, 2020 and 2021, the weighted average contract period for the time-based virtual items purchased were 97 days, 124 days and 117 days, respectively. The Group does not have further performance obligations to user

after the virtual items are consumed immediately or after the stated contract period of time for time-based items.

Podcast revenue

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

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

ASC 250 Accounting Changes and Error Corrections

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

Contract liabilities

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


	January 1, 2019		December 31, 2019		December 31, 2020		December 31, 2021
Deferred revenue		10,668		14,530		17,001		20,657

During the years ended December 31, 2019, 2020 and 2021, the Group recognized revenue amounted to RMB8.9 million, RMB9.9 million and RMB11.0 million, respectively that was included in the corresponding opening deferred revenue balance

January 1, 2019, December 31, 2019 and 2020.

During the years ended December 31, 2019, 2020 and 2021, the Group did not have any arrangement where the performance obligations had already been satisfied in the past year but recognized the corresponding revenue in the current year.

Advertising revenue

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

The accounts receivable arises primarily from its advertising customers.


	December 31, 2020		December 31, 2021
Accounts receivable		8,361		6,458

Please see Note 4 for additional information.

There were no material contract assets as of December 31, 2020 and 2021.

Practical Expedients

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

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

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

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

Deferred revenue

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

Cost of revenue

Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues consists primarily of revenue sharing fees, salary and welfare benefits, payment handling costs, bandwidth costs and other costs. Revenue sharing fees represent the Company’s payments to hosts or guilds based on a percentage of revenue from sales of virtual items and certain performance-based incentives.

Research and development expenses

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

Selling and marketing expenses

Selling and marketing expenses consist primarily of advertising and promotional expenses, salary and welfare benefits to the Group’s sales and marketing personnel. Advertising and promotional expenses consist primarily of costs for the promotion of corporate image and mobile app, organization of offline events between hosts and users. The Group expenses all advertising and promotional expenses as incurred and classifies them under selling and marketing expenses. For the years ended December 31, 2019, 2020 and 2021, advertising and promotional expenses were RMB191.1 million, RMB127.4 million and RMB360.2 million, respectively.

Leases

Adoption of the New Lease Accounting Standard

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update

No. 2016-02,

Leases

(“ASU

2016-02”).

Further, as a clarification of the new guidance, the FASB issued several amendments and updates. The Group adopted the new lease guidance beginning January 1, 2020 by applying the modified retrospective method to those contracts that are not completed as of January 1, 2020, with the comparative information not being adjusted and continues to be reported under historic accounting standards. There is no impact to retained earnings at adoption.

The Group has elected to utilize the package of practical expedients at the time of adoption, which allows the Group to (1) not reassess whether any expired or existing contracts are or contain leases, (2) not reassess the lease classification of any expired or existing leases, and (3) not reassess initial direct costs for any existing leases. The Company also has elected to utilize the short-term lease recognition exemption and, for those leases that qualified, the Group did not recognize operating lease

right-of-use

(“ROU”) assets or operating lease liabilities.

The impact of adoption of the new guidance on January 1, 2020, was not material; the Group recognized operating lease ROU assets and operating lease

liabilities of RMB11.7 million (including current portion of RMB8.3 million and

non-current

portion of RMB3.4 million).

The Group determines if an arrangement is a lease and determines the classification of the lease, as either operating or finance, at commencement. The Group has operating leases for office buildings and has no finance leases as of

December 31, 2020 and 2021.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the lease payments over the lease term at commencement date.

As the Group’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement date, to determine the present value of lease payments. The incremental borrowing rate approximates the rate the Group would pay to borrow in the currency of the lease payments for the weighted-average life of the lease.

The operating lease ROU assets also include any lease payments made prior to lease commencement and exclude lease incentives and initial direct costs incurred if any. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

The Group’s lease agreements contain both lease and

non-lease

components, which are accounted for separately based on their relative standalone price.

Government grants

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

Share-based compensation

Share-based compensation expenses arise from share-based awards, including share options for the purchase of ordinary shares, restricted shares and restricted share units.

The Company accounts for share-based awards granted to employee and

non-employee

in accordance with ASC 718 Stock Compensation. Share-based compensation expenses are recognized in the consolidated financial statements based on their grant date fair values. The fair value of share option is affected by the fair value of ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected volatility of the fair value of ordinary shares, actual and projected employee share option exercise behavior, risk-free interest rates and expected dividends. The fair value of restricted share, restricted share units and share options with little to no exercise price, are generally measured as the grant date price of the Company’s ordinary shares. Prior to the IPO in January 2020, the fair value of the Company’s ordinary shares was assessed using the income approach/discounted cash flow method, with a discount for lack of marketability, given that the shares underlying the awards were not publicly traded at the time of grant. With the completion of the IPO, it is no longer necessary to estimate the fair value of ordinary shares as the market price of the Company’s publicly traded ADSs is used as an indicator of fair value of the ordinary shares.

The Company has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. The contractual term is the contract life of the options. The Group estimated the risk-free interest rate based on the market yield of US Government Bonds with maturities of ten years as of the valuation date, plus a country default risk spread between China and US.

share based awards was granted for the year ended December 31, 2019, and all share-based awards granted in 2020 and 2021 were with little to

exercise price for which fair value was measured as the grant date price of the Company’s ordinary shares.

Share-based compensation expenses are recorded net of actual forfeitures. For a cliff-vesting award or award with graded-vesting features and service conditions only, the Company uses straight-line method to recognize compensation cost over the total requisite service period for the entire award. For an award with performance and/or service condition that affects vesting, the performance and/or service condition is not considered in determining the award’s fair value on the grant date. The Company recognizes compensation expenses for awards with performance conditions if and when the Company concludes that it is probable that the performance condition will be achieved, net of actual

pre-vesting

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

occurs.

Employee benefits

PRC Contribution Plan

Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries, VIEs and subsidiaries of VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB36.0 million, RMB38.5 million and RMB57.2 million for the years ended December 31, 2019, 2020 and 2021, respectively.

Taxation

Income taxes

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

Uncertain tax positions

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

two-step

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

two-step

approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Group recognizes interest and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheet and under other expenses in its consolidated statement of operations and comprehensive loss. The Group did not have any significant unrecognized uncertain tax positions as of December 31, 2020 and 2021, and for the years ended December 31, 2019, 2020 and 2021.

Related parties

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

Net loss per share

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

two-class

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

two-class

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

two-class

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

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

Statutory reserves

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

after-tax

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

non-distributable

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

after-tax

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

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

after-tax

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

The Group has not appropriated any amount to statutory reserves for the years ended December 31, 2019, 2020 and 2021, because the Company’s Chinese subsidiaries,

the

VIEs and subsidiaries of VIEs were in the position of accumulated deficit as of December 31, 2019, 2020 and 2021.

aa)

Comprehensive loss

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

bb)

Segment reporting

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

cc)

Concentration and credit risk

Advertising and promotional service providers

The Group relied on advertising and promotional service providers and their affiliates to promote its platform and enhance brand awareness through a variety of online and offline marketing and brand promotion activities. The number of advertising and promotional service providers during the years ended December 31, 2019, 2020 and 2021 are as follows:


	For the year ended December 31,
	2019			2020			2021
Total number of advertising and promotional service providers		236			203			198
Number of service providers that accounted for 10% or more of the Group’s advertising and promotional expenses		2			3			2
Total percentage of the Group’s advertising and promotional expenses that were paid to these service providers who accounted for 10% or more of the Group’s advertising and promotional service expenses		36.0	%		38.1	%		44.9	%

Credit risk

Financial instruments that potentially subject the Group to the concentration of credit risk consist of cash and cash equivalents, short-term investments, restricted cash, accounts receivable and other receivables (recorded in “Prepayments and other current assets”). As of December 31, 2020 and 2021, substantially all of the Group’s cash and cash equivalents, restricted cash and short-term investments were held in financial institutions which management consider being of high credit quality. Accounts receivable is typically unsecured and is generally derived from revenue earned from advertising business.

Major customers for advertising business

There were two and one customers that had receivable balances derived from advertising business exceeding l0% of the total accounts receivable balances of the Group as of December 31, 2020 and 2021, respectively, as follows:


	December 31, 2020			December 31, 2021
Customer A		68.3	%		87.3	%
Customer B		21.5	%		—

dd)

Recently issued accounting pronouncements

The Group qualifies as an “emerging growth company”, or “EGC”, pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an EGC, the Group does not need to comply with

any

new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards.

Recent accounting pronouncements not yet adopted

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. Topic 842 currently provides lessees that are not public business entities with a practical expedient that allows them to elect, as an accounting policy, to use a risk-free rate as the discount rate for all leases. In November 2021, the FASB issued amendments in Accounting Standards Update No. 2021-09 (the “Update”), which allow non-public business entities as lessees to make the risk-free rate election by class of underlying asset, rather than at the entity-wide level. An entity that makes the risk-free rate election is required to disclose which asset classes it has elected to apply a risk-free rate. The amendments require that when the rate implicit in the lease is readily determinable for any individual lease, the lessee use that rate (rather than a risk-free rate or an incremental borrowing rate), regardless of whether it has made the risk-free rate election. The effective date for this Update is different for entities that have not yet adopted Topic 842 as of November 11, 2021, and those that have. Entities that have not yet adopted Topic 842 as of November 11, 2021, are required to adopt the amendments in this Update at the same time that they adopt Topic 842. For entities that have adopted Topic 842 as of November 11, 2021, the amendments in this Update are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Earlier application is permitted. Entities are required to apply the amendments on a modified retrospective basis to leases that exist at the beginning of the fiscal year of adoption of a final Update. The adoption of the amendments should not be considered an event that would cause remeasurement and reallocation of the consideration in the contract (including lease payments) or reassessment of lease term or classification. The Group had adopted the Topic 842 in the year ended December 31, 2020 and will adopt this Update in the year ending December 31, 2022 as an EGC. The Group is currently evaluating the impact of adopting this standard and does not expect significant impact on its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, to remove certain exceptions to the general principles in Topic 740 and to simplify accounting for income taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Group is to adopt this ASU in the year ending December 31, 2022 and interim periods within the year ending December 31, 2023 as an EGC. The Group is currently evaluating the impact of adopting this standard and does not expect significant impact on its consolidated financial statements.

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

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which was further amended by ASU 2019-10 in November 2019, for public business entities that meet the definition of an U.S. Securities and Exchange Commission (“SEC”) filer, excluding entities eligible to be SRCs as defined by the SEC, the amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. All entities may adopt the amendments in this update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company is required to recognize an allowance based on its estimate of expected credit loss. The Group is to adopt the Topic 326 in the year ending December 31, 2023 as an EGC and it is currently evaluating the impact of this new guidance on its consolidated financial statements.

Significant Accounting Policies - Additional information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥) Number shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 CNY (¥) Number shares	Dec. 31, 2020 CNY (¥) $ / shares	Dec. 31, 2019 CNY (¥)	Dec. 31, 2021 CNY (¥)	Jan. 01, 2020 CNY (¥)
Disclosure of Accounting Policies [Line Items]
Exchange rate		6.3726				6.3726
Restricted cash		$ 652	¥ 3,695	¥ 3,695		¥ 4,155
Number of lien arrangements \| Number	0		0
Weighted average contract period	117 days		124 days		97 days
Recognized revenue	¥ 11,000		¥ 9,900		¥ 8,900
Revenue remaining performance obligation			0	0	0	0
Contract assets			0	0	0	0
Advertising and promotional expenses	360,200		127,400		191,100
Employee benefit expenses	¥ 57,200		38,500		36,000
Income tax examination likelihood of settlement	The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement.
Unrecognized uncertain tax positions			0	0	0	¥ 0
Annual appropriation to reserve percent		10.00%				10.00%
Threshold limit for reserve appropriation		50.00%				50.00%
Appropriation to statutory reserves	¥ 0		0		0
Cash and cash equivalents		$ 83,700	315,459	315,459		¥ 533,293
Lease liabilities			4,296	4,296		31,005	¥ 11,700
Finance lease			0	0		0
Operating lease liabilities, current		2,186	3,709	3,709		13,929	8,300
Operating lease liabilities, non-current		$ 2,680	587	587		17,076	¥ 3,400
Investment income from its short term investments			¥ 1,200	¥ 1,200	¥ 0	¥ 500
Finance Lease, Liability, Statement of Financial Position [Extensible List]		Finance lease	Finance lease	Finance lease		Finance lease
Share option granted \| shares	0		0
Exercise price of fair value grant date price \| $ / shares		$ 0		¥ 0
Alipay and WeChat Pay [Member]
Disclosure of Accounting Policies [Line Items]
Cash and cash equivalents			¥ 11,600	¥ 11,600		¥ 11,300
Subsidiaries [Member]
Disclosure of Accounting Policies [Line Items]
Cash and cash equivalents			¥ 152,000	¥ 152,000		¥ 237,800
Cash And Cash Equivalents Total [Member] \| Subsidiaries [Member]
Disclosure of Accounting Policies [Line Items]
Concentration risk percentage			48.20%	48.20%
Cash And Cash Equivalents Total [Member] \| VIE [Member]
Disclosure of Accounting Policies [Line Items]
Concentration risk percentage		44.60%				44.60%
Bank Balance [Member]
Disclosure of Accounting Policies [Line Items]
Restricted cash						¥ 4,200
Credit Card [Member]
Disclosure of Accounting Policies [Line Items]
Restricted cash						1,200
Local Authorities [Member]
Disclosure of Accounting Policies [Line Items]
Restricted cash						¥ 3,000

Net Loss per Share - Summary of diluted net loss per share (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15,179,612	5,233,912	569,036,090
Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		0	569,036,090
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,036,117	2,092,300	0
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,680,877	3,141,612	0
Restricted share units
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,462,618	0	0

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Finite Lived Intangible Assets

The following table summarizes the Group’s intangible assets:


	December 31, 2020			December 31, 2021
	RMB			RMB
Gross carrying amount
Copyright		8,488			8,492
Software		2,851			3,080
Trademark and others		2,446			3,215

Total gross carrying amount		13,785			14,787

Less: accumulated amortization
Copyright		(8,468	)		(8,696	)
Software		(1,503	)		(2,032	)
Trademark and others		(885	)		(1,814	)

Total accumulated amortization		(10,856	)		(12,542	)

Intangible assets, net		2,929			2,245

Summary of Finite-Lived Intangible Assets, Future Amortization Expense

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


	Amortization expense of intangible assets
	RMB
2022		1,276
2023		660
2024		204
2025		91
2026		14

Organization and Reorganization - Summary of Major Subsidiaries Consolidated Vies and Vies Subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2021
Lizhi Inc [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	British Virgin Islands, Y2010
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Lizhi Holding Limited [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Hong Kong, China Y2010
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Beijing Hongyiyichuang Information Technology Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Beijing, China Y2011
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Technical support and consulting services, advertising service
TIYA INC. Tiya Cayman [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Cayman Islands, Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
TIYA INC Tiya BVI [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	British Virgin Islands, Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Tiya Holding Limited [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Hong Kong, China Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
TIYA PTE. LTD.[Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Singapore Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Audio entertainment business and others
NASHOR PTE. LTD. [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Singapore Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Audio entertainment business and others
Guangzhou Tiya Information Technology Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Guangzhou, China Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Technical support and consulting services
Tiya Inc.[Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	USA Y2020
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Audio entertainment business and others
Guangzhou Lizhi Network Technology Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Guangzhou, China Y2007
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Audio entertainment and podcast business
Guangzhou Huanliao Network Technology Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Guangzhou, China Y2016
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Audio entertainment business and others
Changsha Limang Interaction Entertainment Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Changsha, China Y2015
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Audio entertainment business and others
Huaian Lizhi Network Technology Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Huai’an, China Y2015
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Audio entertainment business and others
Wuhan Lizhi Network Technology Co., Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Wuhan, China Y2017
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Audio entertainment business and others
Chongqing Piwan Network Technology Co Ltd [Member]
Variable Interest Entity [Line Items]
Place and year of incorporation	Chongqing, China Y2019
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Audio entertainment business and others

Commitments and Contingencies - Additional Information (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Litigation liabilities	¥ 0	¥ 0

Significant Accounting Policies - Summary of Accounts Receivable (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure of Summary of accounts receivable [Abstract]
Accounts receivable	$ 1,013	¥ 6,458	¥ 8,361

Taxation

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Taxation

a)	Income taxes

Cayman Islands

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

British Virgin Islands

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

Singapore

Under the Singapore tax laws, subsidiaries in Singapore are subject to a unified 17% tax rate, except for certain entities that are entitled to preferential tax treatments, and there are no withholding taxes in Singapore on remittance of dividends.

For the years ended December 31, 2020 and 2021, the

Company’s overseas entity recognized income tax expense amounted to RMB1.0

million and RMB0.3 million, respectively, for the assessable profits base on the existing legislation, interpretation and practice of Singapore.

Hong Kong

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

two-tiered

profits tax regime took effect, under which the tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million. As an anti-avoidance measure, a group of “connected entities” can only nominate one entity within the Group to enjoy the reduced tax rate for a given year of assessment.

China

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

25%

except for Guangzhou Lizhi and Guangzhou Huanliao. Due to their current status of entitled High and New Technology Enterprise (“HNTE”), Guangzhou Lizhi and Guangzhou Huanliao enjoy a preferential tax rate of 15% starting from 2017 and 2021, respectively. This status is subject to annual evaluation and a requirement that Guangzhou Lizhi reapply for HNTE status every three years.

The following table presents a reconciliation of the differences between the statutory income tax rate and the Company’s effective income tax rate for the years ended December 31, 2019, 2020 and 2021:


	For the year ended December 31,
	2019			2020			2021
	%			%			%
Statutory income tax rate of the PRC		25.0			25.0			25.0
Tax rate difference from preferential tax treatments and statutory rate in other jurisdictions		(7.4	)		(16.3	)		(16.5	)
Effect of withholding taxes		—			—			(0.3	)
Permanent differences		5.6			16.9			26.6
Change in valuation allowances		(23.2	)		(26.8	)		(35.2	)

Effective income tax rate		—			(1.2	)		(0.4	)

As of December 31, 2021, certain entities of the Company had net operating tax loss carry forwards as follows:


	RMB
Loss expiring in 2022		7,626
Loss expiring in 2023		5,620
Loss expiring in 2024		18,949
Loss expiring in 2025		22,150
Loss expiring in 2026		64,533
Loss expiring in 2027		15,141
Loss expiring in 2028		47,863
Loss expiring in 2029		156,879
Loss expiring in 2030		156,066
Loss expiring in 2031		207,664

		702,491

b)	Deferred tax assets and liabilities

The following table presents the tax impact of significant temporary differences that give rise to the deferred tax assets as of December 31, 2020 and 2021:


	December 31, 2020			December 31, 2021
	RMB			RMB
Deferred tax assets:
Net operating tax loss carry forwards		72,988			112,248
Advertising expenses in excess of deduction limit		709			63
Deferred revenue		910			527

Total deferred tax assets		74,607			112,838

Less: valuation allowances		(74,607	)		(112,838	)

Net deferred tax assets		—			—

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


	Balance at January 1			Movement*			Balance at December 31
	RMB			RMB			RMB
2019		(50,499	)		(29,821	)		(80,320	)
2020		(80,320	)		5,713			(74,607	)
2021		(74,607	)		(38,231	)		(112,838	)

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

c)	Withholding income tax

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

non-resident

enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company incorporated, does not have such tax treaty with China. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by a FIE in China to its immediate holding company in Hong Kong will be subject to withholding

tax at a rate that may be lowered to 5% (if the foreign investor owns directly at least 25% of the shares of the FIE). The State Administration of Taxation (“SAT”) further promulgated Circular 601 on October 27, 2009, which provides that tax treaty benefits will be denied to “conduit” or shell companies without business substance and that a beneficial ownership analysis will be used based on a “substance-over-form” principle to determine whether or not to grant the tax treaty benefits. Further, the SAT promulgated the Notice on Issues Related to the “Beneficial Owner” in Tax Treaties in February 2018, which requires the “beneficial owner” to have ownership and the right to dispose of the income or the rights and properties giving rise to the income and generally engage in substantive business activities and sets forth certain detailed factors in determining the “beneficial owner” status.

To the extent that subsidiaries, VIEs and subsidiaries of VIEs of the Group have undistributed earnings, the Company will accrue appropriate expected withholding tax associated with repatriation of such undistributed earnings. As of December 31, 2020 and 2021, the Company did not record any such withholding tax of its subsidiaries,

the

VIEs and subsidiaries of VIEs in the PRC as they are still in accumulated deficit position.

- 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)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
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-Paragraph 17
-Subparagraph (b)
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-Name Accounting Standards Codification
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+ Details

Taxation - Additional Information (Detail) ¥ in Thousands, $ in Thousands		12 Months Ended
	Apr. 01, 2018	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC		25.00%	25.00%	25.00%	25.00%
Withholding income tax percentage					10.00%
Percentage of share holding in FIE					25.00%
Withholding tax amount			¥ 0	¥ 0
Income Tax Expense (Benefit)		$ 59	¥ 376	999	¥ 0
HONG KONG [Member] \| Inland Revenue, Hong Kong [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC	16.50%
HONG KONG [Member] \| Inland Revenue, Hong Kong [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Withholding income tax percentage					5.00%
CHINA [Member] \| State Administration of Taxation, China [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC					25.00%
Preferential tax rate					15.00%
SINGAPORE
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC		17.00%	17.00%
Withholding income tax percentage		0.00%	0.00%
Income Tax Expense (Benefit)			¥ 300	¥ 1,000
Assessable profits on the first HK$2 million [Member] \| HONG KONG [Member] \| Inland Revenue, Hong Kong [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC	8.25%
Assessable profits in excess of HK$2 million [Member] \| HONG KONG [Member] \| Inland Revenue, Hong Kong [Member]
Operating Loss Carryforwards [Line Items]
Statutory income tax rate of the PRC	16.50%

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Current assets:
Cash and cash equivalents	$ 83,700	¥ 533,293	¥ 315,459
Short-term investments	0	0	73,022
Restricted cash	652	4,155	3,695
Accounts receivable, net	1,013	6,458	8,361
Prepayments and other current assets	5,273	33,604	19,371
Total current assets	90,623	577,510	419,908
Non-current assets:
Property, equipment and leasehold improvement, net	5,240	33,391	34,518
Intangible assets, net	352	2,245	2,929
Right-of-use assets, net	4,541	28,941	4,282
Other non-current assets	125	799	2,181
Total non-current assets	10,258	65,376	43,910
TOTAL ASSETS	100,881	642,886	463,818
Current liabilities:
Accounts payable (including accounts payable of the consolidated variable interest entities ("VIEs") without recourse to the primary beneficiary of RMB74.0 million and RMB70.6 million as of December 31, 2020 and 2021, respectively)	12,678	80,793	78,267
Deferred revenue (including deferred revenue of the consolidated VIEs without recourse to the primary beneficiary of RMB16.2 million and RMB19.1 million as of December 31, 2020 and 2021, respectively)	3,242	20,657	17,001
Salary and welfare payable (including salary and welfare payable of the consolidated VIEs without recourse to the primary beneficiary of RMB88.5 million and RMB116.2 million as of December 31, 2020 and 2021, respectively)	19,312	123,075	93,288
Taxes payable (including taxes payable of the consolidated VIEs without recourse to the primary beneficiary of RMB4.6 million and RMB4.9 million as of December 31, 2020 and 2021, respectively)	872	5,564	5,809
Short-term loans (including short-term loans of the consolidated VIEs without recourse to the primary beneficiary of RMB39.5 million and RMB69.0 million as of December 31, 2020 and 2021, respectively)	10,827	68,999	39,508
Lease liabilities due within one year (including lease liabilities due within one year of the consolidated VIEs without recourse to the primary beneficiary of RMB3.5 million and RMB5.8 million as of December 31, 2020 and 2021, respectively)	2,186	13,929	3,709
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB41.6 million and RMB42.8 million as of December 31, 2020 and 2021, respectively)	8,392	53,486	51,047
Total current liabilities	57,509	366,503	288,629
Non-current liabilities:
Lease liabilities (including lease liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB0.6 million and RMB4.1 million as of December 31, 2020 and 2021, respectively)	2,680	17,076	587
Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to the primary beneficiary of nil and nil as of December 31, 2020 and 2021, respectively)	699	4,452	5,411
Total non-current liabilities	3,379	21,528	5,998
TOTAL LIABILITIES	60,888	388,031	294,627
COMMITMENTS AND CONTINGENCIES (NOTE 17)	0	0	0
SHAREHOLDERS' EQUITY
Treasury stock	(2)	(11)	(12)
Additional paid in capital	412,776	2,630,456	2,409,753
Accumulated deficit	(371,360)	(2,366,500)	(2,239,281)
Accumulated other comprehensive loss	(1,531)	(9,757)	(1,909)
TOTAL SHAREHOLDERS' EQUITY	39,993	254,855	169,191
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	100,881	642,886	463,818
Ordinary Shares A [Member]
SHAREHOLDERS' EQUITY
Ordinary shares	84	530	472
Ordinary Shares B [Member]
SHAREHOLDERS' EQUITY
Ordinary shares	$ 26	¥ 168	¥ 168

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

18.	Subsequent Events

Since 2020, the outbreak of the

COVID-19

pandemic has spread worldwide, caused and may continue to cause, companies including the Group, to implement temporary adjustments of work schemes allowing employees to work from home and other measures that may impact the operation. The Company have taken various preventative and quarantine measures, however, the situation in China and other countries and regions is still evolving, bringing with it unprecedented levels of macroeconomic disruption and uncertainties across the globe. It also caused significant volatility across the financial markets. The Company believes that its current cash and cash equivalents, together with cash generating from operating or financing activities, will be sufficient to meet its present anticipated working capital requirements and capital expenditures. However, the extent to which COVID-19 impacts the operating results, or the volatility in financial markets, will depend on future developments, which are highly uncertain and cannot be predicted. As a result, the Company cannot reasonably estimate the impact to its future results of operations, cash flows, or financial condition for the remainder of fiscal year 2022.

Organization and Reorganization (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Major Subsidiaries Consolidated Vies and Vies Subsidiaries

As of December 31, 2021, the Company’s consolidated subsidiaries, the VIEs and subsidiaries of VIEs are as follows:


Major Subsidiaries	Place and year of incorporation	Percentage of direct or indirect economic ownership	Principal activities
Lizhi Inc. (“Lizhi BVI”)	British Virgin Islands, Y2010	100	Investment holding
Lizhi Holding Limited (“Lizhi HK”)	Hong Kong, China Y2010	100	Investment holding
Beijing Hongyiyichuang Information Technology Co., Ltd. (“Hongyi Technology”)	Beijing, China Y2011	100	Technical support and consulting services, advertising service
Tiya Inc. (“Tiya Cayman”)	Cayman Islands, Y2019	100	Investment holding
TIYA INC. (“Tiya BVI”)	British Virgin Islands, Y2019	100	Investment holding
Tiya Holding Limited (“Tiya HK”)	Hong Kong, China Y2019	100	Investment holding
TIYA PTE. LTD.	Singapore Y2019	100	Audio entertainment business and others
NASHOR PTE. LTD.	Singapore Y2019	100	Audio entertainment business and others
Guangzhou Tiya Information Technology Co., Ltd. (“Guangzhou Tiya”)	Guangzhou, China Y2019	100	Technical support and consulting services
Tiya Inc. (“Tiya USA”)	USA Y2020	100	Audio entertainment business and others
Major VIEs	Place and year of incorporation/ acquisition	Percentage of direct or indirect economic ownership	Principal activities
Guangzhou Lizhi Network Technology Co., Ltd. (“Guangzhou Lizhi”)	Guangzhou, China Y2007	100	Audio entertainment and podcast business
Guangzhou Huanliao Network Technology Co., Ltd. (“Guangzhou Huanliao”) *	Guangzhou, China Y2016	100	Audio entertainment business and others
Major subsidiaries of VIEs	Place and year of incorporation	Percentage of direct or indirect economic ownership	Principal activities
Changsha Limang Interaction Entertainment Co., Ltd.	Changsha, China Y2015	100	Audio entertainment business and others
Huai’an Lizhi Network Technology Co., Ltd.	Huai’an, China Y2015	100	Audio entertainment business and others
Wuhan Lizhi Network Technology Co., Ltd.	Wuhan, China Y2017	100	Audio entertainment business and others
Chongqing Piwan Network Technology Co., Ltd.	Chongqing, China Y2019	100	Audio entertainment business and others

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

Summary of Variable Interest Entities

The following combined financial information of the VIEs as of December 31, 2020 and 2021 and for the years ended December 31, 2019, 2020 and 2021 was included in the accompanying consolidated financial statements of the Group as follows:


	As of December 31, 2020		As of December 31, 2021
	RMB		RMB
ASSETS
Current assets:
Cash and cash equivalents		148,979		191,549
Short-term investments		73,022		—
Restricted cash		3,695		3,023
Accounts receivable, net		2,642		1
Prepayments and other current assets		13,190		20,245
Amount due from the subsidiaries of the Group		500		197

Total current assets		242,028		215,015

Non-current assets:
Property, equipment and leasehold improvement, net		34,342		28,580
Intangible assets, net		2,929		2,245
Right-of-use assets, net		3,841		9,653
Other non-current assets		711		799

Total non-current assets		41,823		41,277

TOTAL ASSETS		283,851		256,292

Current liabilities:
Accounts payable		73,986		70,639
Deferred revenue		16,226		19,118
Salary and welfare payable		88,464		116,204
Taxes payable		4,559		4,940
Short-term loans		39,508		68,999
Lease liabilities due within one year		3,542		5,767
Accrued expenses and other current liabilities		41,559		42,803
Amount due to the subsidiaries of the Group		385,583		377,331

Total current liabilities		653,427		705,801

Non-current liabilities:
Lease liabilities		587		4,132

Total non-current liabilities		587		4,132

TOTAL LIABILITIES		654,014		709,933


	For the year ended
	December 31, 2019			December 31, 2020			December 31, 2021
	RMB			RMB			RMB
Net revenues		1,179,468			1,456,190			1,975,758
Net loss		(116,891	)		(84,441	)		(81,551	)


	For the year ended
	December 31, 2019			December 31, 2020			December 31, 2021
	RMB			RMB			RMB
Net cash (used in)/generated from operating activities		(73,015	)		17,425			(17,723	)
Net cash (used in)/generated from investing activities		(29,164	)		(94,559	)		52,323
Net cash generated from financing activities		38,854			187,752			7,298
Net (decrease)/increase in cash, cash equivalents and restricted cash		(63,325	)		110,618			41,898

For the years ended December 31, 2019, 2020 and 2021, net cash generated from financial activities in the VIEs consist of: i) net borrowing from/(net repayments to) the Group companies, amounted to RMB38.9 million, RMB148.8 million and RMB(22.2) million, respectively. and ii) net proceeds from bank loans of nil, RMB39.0 million and RMB29.5 million, respectively.

- 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

Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 $ / shares
Accounts payable	$ 12,678	¥ 80,793	¥ 78,267
Deferred revenue	3,242	20,657	17,001
Salary and welfare payable	19,312	123,075	93,288
Taxes payable	872	5,564	5,809
Short-term loans	10,827	68,999	39,508
Lease liabilities due within one year	2,186	13,929	3,709
Accrued expenses and other current liabilities	8,392	53,486	51,047
Lease liabilities	2,680	17,076	587
Other non-current liabilities	$ 699	¥ 4,452	¥ 5,411
Ordinary Shares A [Member]
Ordinary shares, par value \| $ / shares				$ 0.0001
Ordinary shares, shares authorized \| shares	1,268,785,000	1,268,785,000	1,268,785,000
Ordinary shares, shares issued \| shares	798,962,260	798,962,260	710,249,520
Ordinary shares, shares outstanding \| shares	782,801,250	782,801,250	693,103,450
Ordinary Shares B [Member]
Ordinary shares, par value \| $ / shares	$ 0.0001			$ 0.0001
Ordinary shares, shares authorized \| shares	231,215,000	231,215,000	231,215,000
Ordinary shares, shares issued \| shares	231,215,000	231,215,000	231,215,000
Ordinary shares, shares outstanding \| shares	231,215,000	231,215,000	231,215,000
Variable Interest Entity Primary Beneficiary [Member]
Accounts payable		¥ 70,639	¥ 73,986
Deferred revenue		19,100	16,200
Salary and welfare payable		116,204	88,464
Short-term loans		68,999	39,508
Lease liabilities due within one year		5,767	3,542
Accrued expenses and other current liabilities		42,803	41,559
Lease liabilities		4,132	587
Other non-current liabilities		0	0
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member]
Salary and welfare payable		116,200	88,500
Taxes payable		¥ 4,900	¥ 4,600

Significant Accounting Policies - Summary of Property Plant Equipment Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2021
Electronic Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furniture And Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	4 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	shorter of expected lives of leasehold improvement and lease term

Short-term Loans - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Short-term Debt [Line Items]
Short-term loans	$ 10,827	¥ 68,999	¥ 39,508
Line of credit maximum borrowing capacity		100,000
Line of Credit Facility, Covenant Terms	none of which are significant
Line of Credit Facility, Covenant Compliance	Guangzhou Lizhi is in compliance
Credit Facility Agreement With Banks [Member]
Short-term Debt [Line Items]
Short-term loans		69,000
Line of credit maximum borrowing capacity		¥ 4,800
Short term debt weighted average interest rate percentage over time	5.30%
Credit Facility Agreement With Banks [Member] \| Maximum [Member]
Short-term Debt [Line Items]
Short term debt term	6 months

Taxation - Summary of Operating Loss Carry Forward (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	¥ 112,248	¥ 72,988
Loss expiring in 2022
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	7,626
Loss expiring in 2023
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	5,620
Loss expiring in 2024
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	18,949
Loss expiring in 2025
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	22,150
Loss expiring in 2026
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	64,533
Loss expiring in 2027
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	15,141
Loss expiring in 2028
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	47,863
Loss expiring in 2029
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	156,879
Loss expiring in 2030
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	156,066
Loss expiring in 2031
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	207,664
Operating loss carry forwards
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	¥ 702,491

Accounts Receivable Net - Summary of Accounts Receivable Net (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross		¥ 6,458	¥ 8,361
Less: allowance for doubtful accounts			0
Accounts receivable, net	$ 1,013	¥ 6,458	¥ 8,361

Property, Equipment and Leasehold Improvement, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Depreciation, Depletion and Amortization [Abstract]
Depreciation of property, equipment and leasehold improvement	$ 3,017	¥ 19,200	¥ 17,677	¥ 10,772
Impairment charges on tangible assets		¥ 0	¥ 0

Consolidated Statements of Operations and Comprehensive Loss ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares
Net revenues	$ 332,598	¥ 2,119,514	¥ 1,502,908	¥ 1,180,597
Cost of revenues	(235,776)	(1,502,505)	(1,134,678)	(910,155)
Gross profit	96,822	617,009	368,230	270,442
Operating expenses:
Selling and marketing expenses	(60,604)	(386,204)	(142,734)	(208,550)
General and administrative expenses	(16,417)	(104,617)	(88,856)	(45,714)
Research and development expenses	(41,538)	(264,706)	(225,329)	(158,015)
Total operating expenses	(118,559)	(755,527)	(456,919)	(412,279)
Operating loss	(21,737)	(138,518)	(88,689)	(141,837)
Other income:
Interest income/(expenses), net	(173)	(1,103)	(1,796)	300
Foreign exchange gains/(losses)	(116)	(738)	(836)	1,178
Investment income	73	468	1,241	0
Government grants	2,118	13,496	12,870	9,452
Others, net	(75)	(479)	(3,975)	(2,050)
Loss before income taxes	(19,910)	(126,874)	(81,185)	(132,957)
Income tax expense	(59)	(376)	(999)	0
Net loss	(19,969)	(127,250)	(82,184)	(132,957)
Accretions to preferred shares redemption value	0	0	(154,066)	(940,186)
Net loss attributable to the Lizhi Inc.'s ordinary shareholders	(19,969)	(127,250)	(236,250)	(1,073,143)
Net loss	(19,969)	(127,250)	(82,184)	(132,957)
Other comprehensive income/(loss):
Foreign currency translation adjustments	(1,232)	(7,848)	(6,338)	671
Total other comprehensive income/(loss)	(1,232)	(7,848)	(6,338)	671
Total comprehensive loss	(21,201)	(135,098)	(88,522)	(132,286)
Accretions to preferred shares redemption value	0	0	(154,066)	(940,186)
Comprehensive loss attributable to the Lizhi Inc.'s ordinary shareholders	$ (21,201)	¥ (135,098)	¥ (242,588)	¥ (1,072,472)
Net loss attributable to the Lizhi Inc.'s ordinary shareholders per share
Basic \| (per share)	$ (0.02)	¥ (0.13)	¥ (0.27)	¥ (4.13)
Diluted \| (per share)	$ (0.02)	¥ (0.13)	¥ (0.27)	¥ (4.13)
Weighted average number of ordinary shares
Basic	991,715,849	991,715,849	883,202,412	260,000,000
Diluted	991,715,849	991,715,849	883,202,412	260,000,000
American Depository Shares [Member]
Net loss attributable to the Lizhi Inc.'s ordinary shareholders per share
Basic \| (per share)	$ (0.40)	¥ (2.57)	¥ (5.35)	¥ (82.55)
Diluted \| (per share)	$ (0.40)	¥ (2.57)	¥ (5.35)	¥ (82.55)
Weighted average number of ordinary shares
Basic	49,585,792	49,585,792	44,160,121	13,000,000
Diluted	49,585,792	49,585,792	44,160,121	13,000,000

Leases - Summary of Information Related To Operating Leases (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Jan. 01, 2020 CNY (¥)
Disclosure Of Supplemental Information Related To Operating Leases [Line Items]
Operating lease ROU assets	$ 4,541	¥ 28,941	¥ 4,282
Operating lease liabilities-non-current	(2,680)	(17,076)	(587)	¥ (3,400)
Operating lease liabilities-current	$ (2,186)	(13,929)	(3,709)	(8,300)
Total operating lease liabilities		¥ (31,005)	¥ (4,296)	¥ (11,700)
Weighted average remaining lease term	2 years 6 months	2 years 6 months	1 year 3 months 18 days
Weighted average discount rate	7.00%	7.00%	7.00%

Share-based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Compensation

15.	Share-based Compensation

(a)	Description of stock incentive plan

2012 Incentive Plan

In September 2012, the Group permitted the grant of options of the Company to relevant directors and officers of the

Company (the “2012 Incentive Plan”).

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

2018 Incentive Plan

In September 2018 and April 2019, the Group permitted the grant of options and restricted shares of the Company to relevant directors, officers, other employees and consultants of the Company (the “2018 Incentive Plan”). Option awards are granted with an exercise price determined by the Board of Directors. Those options and restricted shares awards generally vest over a period

of four years.

Both vested options and restricted shares shall be held by the CEO of the Company in trust and may be exercised/transferred after the completion of IPO.

2019 Incentive Plan and related amendments

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

non-employees

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

On March 18, 2020, the 2019 Incentive Plan was further amended and restated, to increase the maximum aggregate number of Class A ordinary shares authorized to issue from 40,000,000 to 100,000,000

(the “Amended and Restated 2019 Share Incentive Plan”). On September

, 2021, the Second Amended and Restated 2019 Share Incentive Plan was adopted to replace the Amended and Restated 2019 Share Incentive Plan in its entirety, increasing the maximum aggregate number of Class A ordinary shares

authorized to issue from 100,000,000 to

170,000,000.

Kastle Limited and Futu Securities(Hong Kong) Limited hold certain Class A ordinary shares for the benefit of certain Company’s senior management, directors and employees before the corresponding share awards granted to such senior management, directors and employees are vested or exercised. The corresponding share awards were included in the outstanding options, restricted shares and restricted share units as of December 31, 2021. As of December 31, 2021, Kastle Limited and Futu Securities(Hong Kong) Limited hold 9,020,630 and 7,140,380 ordinary shares respectively.

Share-based compensation recognized for the years ended December 31, 2019, 2020 and 2021 is as follows:


	For the year ended December 31,
	2019		2020		2021		2021
	RMB		RMB		RMB		US$
Cost of revenues		—		14,789		11,484		1,802
Selling and marketing expenses		—		2,370		3,431		538
General and administrative expenses		—		16,128		12,496		1,961
Research and development expenses		—		17,454		9,948		1,561

Total		—		50,741		37,359		5,862

As of December 31, 2020 and 2021, total unrecognized compensation expenses related to unvested awards granted under

the Second Amended

and Restated 2019 Share Incentive Plan were RMB62.6 million and RMB75.3 million (US$11.9 million), respectively. As of December 31, 2020 and 2021, the weighted average remaining vesting period for

share-based awards

were 2.70 and 2.58 years, respectively.

During the year

ended December 31, 2019, 2020 and 2021, there was no cash settled equity instrument granted under share-based payment arrangements, and no

compensation cost for share-based payment arrangements was capitalized as part of the cost of an asset.

(b)	Stock options activities

The following table presents a summary of the Company’s stock options activities for the years ended December 31, 2019, 2020

and 2021.


	Employees			Consultants		Total			Weighted average exercise price		Remaining contractual life		Aggregated intrinsic value
	(in thousands)			(in thousands)		(in thousands)			US$				RMB
Outstanding at January 1, 2019		12,665			500		13,165			0.0001		3.75		20,514
Forfeited		(844	)		—		(844	)		0.0001		—		—

Outstanding at December 31, 2019		11,821			500		12,321			0.0001		2.75		43,011

Exercisable as of December 31, 2019		—			—		—			—		—		—

Outstanding at January 1, 2020		11,821			500		12,321			0.0001		2.75		43,011
Granted		32,932			363		33,295			0.0001		—		—
Exercised		(3,235	)		—		(3,235	)		0.0001		—		—
Forfeited		(3,714	)		—		(3,714	)		0.0001		—		—

Outstanding at December 31, 2020		37,804			863		38,667			0.0001		3.09		48,921

Exercisable as of December 31, 2020		5,002			250		5,252			0.0001		—		6,644

Outstanding at January 1, 2021		37,804			863		38,667			0.0001		3.09		48,921
Granted		32,389			—		32,389			0.0001		—		—
Exercised		(4,925	)		—		(4,925	)		0.0001		—		—
Forfeited		(15,571	)		—		(15,571	)		0.0001		—		—

Outstanding at December 31, 2021		49,697			863		50,560			0.0001		2.56		29,786

Exercisable as of December 31, 2021		8,216			341		8,557			0.0001		—		5,041

The granted options awards will be vested over a period from nil to four years. The weighted average grant date fair value of options granted for the years ended December 31, 2019, 2020 and 2021 were nil, RMB1.96 and RMB1.44 (US$0.23) per option, respectively.

(c)	Restricted shares activities

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


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

Outstanding at December 31, 2019		24,928			0.23

January 1, 2020		24,928			0.23
Awarded		2,607			0.27
Forfeited		(7,821	)		0.26
Vested		(9,857	)		0.22

Outstanding at December 31, 2020		9,857			0.23

January 1, 2021		9,857			0.23
Awarded		—			—
Forfeited		—			—
Vested		(6,232	)		0.24

Outstanding at December 31, 2021		3,625			0.21

The granted restricted shares will be vested over a period from one to four years.

(d)	Restricted share units activities

(i)

Pursuant to the Second Amended

and Restated 2019 Share Incentive Plan, 9,611,020 and 13,080,200

restricted share units were granted to certain employees in 2020 and 2021, respectively. These restricted share unit awards will be vested over a period of four years, with a summary of activities as follows:


	Number of Restricted Share Units Granted			Weighted-Average Grant Date Fair Value
	(in thousands)			(in thousands)
				US$
January 1, 2020		—			—
Awarded		9,611			0.22
Forfeited		(5,101	)		0.24
Vested		—			—

Outstanding at December 31, 2020		4,510			0.20

January 1, 2021		4,510			0.20
Awarded		13,080			0.30
Forfeited		(2,308	)		0.20
Vested		(3,018	)		0.19

Outstanding at December 31, 2021		12,264			0.31

(ii)

Pursuant to the Second Amended

and Restated 2019 Share Incentive Plan, the Company granted restricted share units with fixed monetary amount to certain employees in 2020 and 2021 with vesting period from one to four years. These share-settled obligations require that the variable number of shares to be issued based on an average market price for the shares over the last 30 days before each vesting day. As the monetary value of such obligation is predominantly based on a fixed monetary amount known at inception, the obligation is classified as a liability under paragraph

480-10-25-14(a).

Upon issuance of the shares to settle the obligation, equity is increased by the amount of the liability with no gain or loss recognized. For the years ended December 31,

2019,

2020 and 2021,

nil,

190,160 and 1,812,960 restricted share units have been vested, respectively.

(e)	Founders’ shares

In accordance with the restricted share agreement dated as of March 7, 2011, all ordinary shares ultimately owned by the Company’s founders became subject to four-year vesting schedule, with 25%

vesting on each anniversary of this date of over four years. In the event the founder’s relationship with the Group terminates, directly or indirectly, upon (i) the voluntary termination by the founder of his employment with the Group, or (ii) the termination by the Group of the founder’s employment for any event of default, then the Company shall have the right to repurchase from the founder all of the restricted shares that have not been released from the repurchase right. All of the restricted shares were released from the repurchase right upon completion of the IPO in January 2020. The Company accounted for this arrangement similar to a reverse stock split, followed by the grant of restricted stock awards subject to service vesting conditions, though these founders’ shares are legally outstanding from the grant day. Accordingly, compensation cost was measured based on the fair value of the ordinary shares at the grant date and is recognized over the requisite service period.

Organization and Reorganization - Additional Information (Detail) $ / shares in Units, ¥ in Thousands			1 Months Ended	12 Months Ended
	Jan. 01, 2020 shares	May 20, 2019	Apr. 30, 2021 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2021 CNY (¥)	Apr. 01, 2021 $ / shares
OrganizationConsolidationAndPresentationOfFinancialStatements [Line Items]
Net loss				$ 19,969,000	¥ 127,300	¥ 82,184	¥ 132,957
Cash flows operating activities				(6,343,000)	(40,400)	39,996	(95,753)
Accumulated deficit				(371,360,000)		(2,239,281)		¥ (2,366,500)
Share Price \| $ / shares									$ 8.14
Stock issued, during the period \| shares			3,685,504
Cash and cash equivalents				83,700,000		315,459		533,293
Working capital				$ 33,100,000				211,000
Proceeds from Issuance Initial Public Offering \| $			$ 30,000,002
Warrant [Member]
OrganizationConsolidationAndPresentationOfFinancialStatements [Line Items]
Stock issued, during the period \| shares			2,764,128
IPO [Member] \| Common Class A [Member]
OrganizationConsolidationAndPresentationOfFinancialStatements [Line Items]
Stock issued, during the period \| shares	82,000,000
Variable Interest Entity Not Primary Beneficiary [Member]
OrganizationConsolidationAndPresentationOfFinancialStatements [Line Items]
Obligations to settle of variable interest entity						51,000		51,000
Technical Development Fee					9,600	26,900	0
Variable Interest Entity Primary Beneficiary [Member]
OrganizationConsolidationAndPresentationOfFinancialStatements [Line Items]
Cash flows operating activities					(17,723)	17,425	(73,015)
Cash and cash equivalents						148,979		¥ 191,549
Proceeds from repayments of debt					(22,200)	148,800	38,900
Proceeds from bank debt					¥ 29,500	¥ 39,000	¥ 0
Lizhi BVI [Member]
OrganizationConsolidationAndPresentationOfFinancialStatements [Line Items]
Place of incorporation				British Virgin Islands.	British Virgin Islands.
Guangzhou Tiya [Member]
OrganizationConsolidationAndPresentationOfFinancialStatements [Line Items]
Service fee percentage of after tax profit		90.00%

Cost of Revenues - Summary of Cost of Revenues (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Summary Of Cost Of Revenues [Line Items]
Revenue sharing fees		¥ 1,357,270	¥ 1,031,903	¥ 850,167
Salary and welfare benefits		52,268	41,159	29,072
Payment handling costs		32,506	22,692	15,573
Bandwidth costs		30,889	11,226	5,702
Share-based compensation expense	$ 5,862	37,359	50,741	0
Others		18,088	12,909	9,641
Total	235,776	1,502,505	1,134,678	910,155
Cost of Sales [Member]
Summary Of Cost Of Revenues [Line Items]
Share-based compensation expense	$ 1,802	¥ 11,484	¥ 14,789	¥ 0

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 3: 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(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2)
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

+ Details

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

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

Summary of Share.Based Compensation

Share-based compensation recognized for the years ended December 31, 2019, 2020 and 2021 is as follows:


	For the year ended December 31,
	2019		2020		2021		2021
	RMB		RMB		RMB		US$
Cost of revenues		—		14,789		11,484		1,802
Selling and marketing expenses		—		2,370		3,431		538
General and administrative expenses		—		16,128		12,496		1,961
Research and development expenses		—		17,454		9,948		1,561

Total		—		50,741		37,359		5,862

Summary of Stock Option Awards Outstanding

The following table presents a summary of the Company’s stock options activities for the years ended December 31, 2019, 2020

and 2021.


	Employees			Consultants		Total			Weighted average exercise price		Remaining contractual life		Aggregated intrinsic value
	(in thousands)			(in thousands)		(in thousands)			US$				RMB
Outstanding at January 1, 2019		12,665			500		13,165			0.0001		3.75		20,514
Forfeited		(844	)		—		(844	)		0.0001		—		—

Outstanding at December 31, 2019		11,821			500		12,321			0.0001		2.75		43,011

Exercisable as of December 31, 2019		—			—		—			—		—		—

Outstanding at January 1, 2020		11,821			500		12,321			0.0001		2.75		43,011
Granted		32,932			363		33,295			0.0001		—		—
Exercised		(3,235	)		—		(3,235	)		0.0001		—		—
Forfeited		(3,714	)		—		(3,714	)		0.0001		—		—

Outstanding at December 31, 2020		37,804			863		38,667			0.0001		3.09		48,921

Exercisable as of December 31, 2020		5,002			250		5,252			0.0001		—		6,644

Outstanding at January 1, 2021		37,804			863		38,667			0.0001		3.09		48,921
Granted		32,389			—		32,389			0.0001		—		—
Exercised		(4,925	)		—		(4,925	)		0.0001		—		—
Forfeited		(15,571	)		—		(15,571	)		0.0001		—		—

Outstanding at December 31, 2021		49,697			863		50,560			0.0001		2.56		29,786

Exercisable as of December 31, 2021		8,216			341		8,557			0.0001		—		5,041

Summary of Restricted Shares Activities

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


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

Outstanding at December 31, 2019		24,928			0.23

January 1, 2020		24,928			0.23
Awarded		2,607			0.27
Forfeited		(7,821	)		0.26
Vested		(9,857	)		0.22

Outstanding at December 31, 2020		9,857			0.23

January 1, 2021		9,857			0.23
Awarded		—			—
Forfeited		—			—
Vested		(6,232	)		0.24

Outstanding at December 31, 2021		3,625			0.21


	Number of Restricted Share Units Granted			Weighted-Average Grant Date Fair Value
	(in thousands)			(in thousands)
				US$
January 1, 2020		—			—
Awarded		9,611			0.22
Forfeited		(5,101	)		0.24
Vested		—			—

Outstanding at December 31, 2020		4,510			0.20

January 1, 2021		4,510			0.20
Awarded		13,080			0.30
Forfeited		(2,308	)		0.20
Vested		(3,018	)		0.19

Outstanding at December 31, 2021		12,264			0.31

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2021

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

Prepayments and Other Current Assets

5.	Prepayments and Other Current Assets

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


	December 31, 2020		December 31, 2021
	RMB		RMB
Deposits		3,509		7,786
Prepaid service fees		5,234		7,868
Prepaid promotional expenses		3,971		4,536
Staff advances		141		495
Receivables from third-party online payment platform		1,511		5,652
Deductible Value Added Tax (“VAT”)		1,283		2,946
Others		3,722		4,321

Total		19,371		33,604

Significant Accounting Policies - Summary of Advertising and Promotional Service Providers (Detail) - Advertising And Promotional Service Expense [Member] - Number	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Advertising and Promotional Service Providers [Line Items]
Number of service providers that accounted for 10% or more of the Group's advertising and promotional expense	198	203	236
Supplier Concentration Risk [Member]
Disclosure of Advertising and Promotional Service Providers [Line Items]
Number of service providers that accounted for 10% or more of the Group's advertising and promotional expense	2	3	2
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Disclosure of Advertising and Promotional Service Providers [Line Items]
Concentration risk, percentage	44.90%	38.10%	36.00%

Prepayments and Other Current Assets - Summary of Prepayments and Other Assets (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deposits		¥ 7,786	¥ 3,509
Prepaid service fees		7,868	5,234
Prepaid promotional expenses		4,536	3,971
Staff advances		495	141
Receivables from third-party online payment platform		5,652	1,511
Deductible Value Added Tax ("VAT")		2,946	1,283
Others		4,321	3,722
Total	$ 5,273	¥ 33,604	¥ 19,371

Restricted Net Assets - Additional Information (Detail) ¥ in Millions	12 Months Ended
	Dec. 31, 2021 CNY (¥)
Receivables [Abstract]
Annual appropriation to reserve percent	10.00%
Restricted assets	¥ 46.2
Percentage Of Capital	50.00%

Short-term Loans

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Short-term Loans

11.	Short-term Loans

Guangzhou Lizhi entered into agreements with banks, pursuant to which it has obtained total credit facilities of RMB100 million. The total unused credit line amount

was

RMB

4.8

million as of December 31, 2021.

Certain of these facilities are subject to the Group’s fulfillments of financial or non-financial covenants, none of which are significant, and for which Guangzhou Lizhi is in compliance as of December 31, 2021.

During the year ended December 31, 2021, the loans obtained by Guangzhou Lizhi have

a maturity of less than

six months

and the weighted average interest rate for the outstanding loans was

5.3

As of December 31, 2021, the balance of short-term loans was RMB69.0 million.

Taxes Payable - Additional Information (Detail)	12 Months Ended
Taxes Payable - Additional Information (Detail)	Dec. 31, 2021
Taxes Payable [Abstract]
Value added tax rate	6.00%

Share-based Compensation - Summary of Share-Based Compensation (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Employee Service Allocated Share Based Compensation Expense [Line Items]
Share-based Payment Arrangement, Expense	$ 5,862	¥ 37,359	¥ 50,741	¥ 0
Cost of revenues [Member]
Employee Service Allocated Share Based Compensation Expense [Line Items]
Share-based Payment Arrangement, Expense	1,802	11,484	14,789	0
Selling and marketing expenses [Member]
Employee Service Allocated Share Based Compensation Expense [Line Items]
Share-based Payment Arrangement, Expense	538	3,431	2,370	0
General and administrative expenses [Member]
Employee Service Allocated Share Based Compensation Expense [Line Items]
Share-based Payment Arrangement, Expense	1,961	12,496	16,128	0
Research and development expenses [Member]
Employee Service Allocated Share Based Compensation Expense [Line Items]
Share-based Payment Arrangement, Expense	$ 1,561	¥ 9,948	¥ 17,454	¥ 0

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis


	Fair Value Measurement at December 31, 2020 Using
	Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable inputs (Level 3)		Fair Value at December 31, 2020
	RMB		RMB		RMB		RMB		US$
Short-term investments		—		73,022		—		73,022		11,191

Total		—		73,022		—		73,022		11,191

- 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

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2021

Credit Loss, Additional Improvements [Abstract]

Summary of Accounts Receivable Net

Accounts receivable, net is consisted of the following:


	December 31, 2020		December 31, 2021
	RMB		RMB
Accounts receivable, gross:		8,361		6,458
Less: allowance for doubtful accounts		—		—

Accounts receivable, net		8,361		6,458

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

19.	Segment Information

In accordance with ASC 280, Segment Reporting, the Group’s chief operating decision maker (“CODM”), concluded by the Company to be Mr. Jinnan (Marco) Lai, Chairman of the Board of Directors and CEO, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole. Information regarding the business segments provided to the Group’s CODM is at the revenue level and the Group currently does not allocate operating costs or assets to its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the operating segments. As the Group’s long-lived assets are substantially located in the PRC and substantially the Group’s revenues are derived from the PRC, no geographical information is presented.

The Group’s principal business segments at revenue level are as below:


	For the year ended December 31,
	2019		2020		2021
	RMB		RMB		RMB
Audio entertainment		1,167,934		1,481,120		2,101,475
Podcast, advertising and others		12,663		21,788		18,039

Total		1,180,597		1,502,908		2,119,514

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of key revenues streams

The Group’s principal business segments at revenue level are as below:


	For the year ended December 31,
	2019		2020		2021
	RMB		RMB		RMB
Audio entertainment		1,167,934		1,481,120		2,101,475
Podcast, advertising and others		12,663		21,788		18,039

Total		1,180,597		1,502,908		2,119,514

Organization and Reorganization - Summary of Variable Interest Entities (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2021 CNY (¥)	Jan. 01, 2020 CNY (¥)
Current assets:
Cash and cash equivalents	$ 83,700		¥ 315,459		¥ 533,293
Short-term Investments	0		73,022		0
Restricted cash	652		3,695		4,155
Accounts receivable, net	1,013		8,361		6,458
Prepayments and other current assets	5,273		19,371		33,604
Total current assets	90,623		419,908		577,510
Non-current assets:
Property, equipment and leasehold improvement, net	5,240		34,518		33,391
Intangible assets, net	352		2,929		2,245
Right-of-use assets, net			2,929		2,245
Other non-current assets	125		2,181		799
Total non-current assets	10,258		43,910		65,376
TOTAL ASSETS	100,881		463,818		642,886
Current liabilities:
Accounts payable	12,678		78,267		80,793
Salary and welfare payable	19,312		93,288		123,075
Short-term loans	10,827		39,508		68,999
Lease liabilities due within one year	2,186		3,709		13,929	¥ 8,300
Accrued expenses and other current liabilities	8,392		51,047		53,486
Total current liabilities	57,509		288,629		366,503
Non-current liabilities:
Lease liabilities	2,680		587		17,076	¥ 3,400
Total non-current liabilities	3,379		5,998		21,528
TOTAL LIABILITIES	60,888		294,627		388,031
Net revenues	332,598	¥ 2,119,514	1,502,908	¥ 1,180,597
Net loss	(19,969)	(127,250)	(82,184)	(132,957)
Net cash (used in)/generated from operating activities	(6,343)	(40,400)	39,996	(95,753)
Net cash (used in)/generated from investing activities	8,176	52,101	(94,559)	(29,370)
Net cash generated from financing activities	$ 33,374	212,682	298,046
Variable Interest Entity Primary Beneficiary [Member]
Current assets:
Cash and cash equivalents			148,979		191,549
Short-term Investments			73,022
Restricted cash			3,695		3,023
Accounts receivable, net			2,642		1
Prepayments and other current assets			13,190		20,245
Amount due from the subsidiaries of the Group			500		197
Total current assets			242,028		215,015
Non-current assets:
Property, equipment and leasehold improvement, net			34,342		28,580
Intangible assets, net			2,929		2,245
Right-of-use assets, net			3,841		9,653
Other non-current assets			711		799
Total non-current assets			41,823		41,277
TOTAL ASSETS			283,851		256,292
Current liabilities:
Accounts payable			73,986		70,639
Deferred revenue			16,226		19,118
Salary and welfare payable			88,464		116,204
Taxes payable			4,559		4,940
Short-term loans			39,508		68,999
Lease liabilities due within one year			3,542		5,767
Accrued expenses and other current liabilities			41,559		42,803
Amount due to the subsidiaries of the Group			385,583		377,331
Total current liabilities			653,427		705,801
Non-current liabilities:
Lease liabilities			587		4,132
Total non-current liabilities			587		4,132
TOTAL LIABILITIES			654,014		¥ 709,933
Net revenues		1,975,758	1,456,190	1,179,468
Net loss		(81,551)	(84,441)	(116,891)
Net cash (used in)/generated from operating activities		(17,723)	17,425	(73,015)
Net cash (used in)/generated from investing activities		52,323	(94,559)	(29,164)
Net cash generated from financing activities		7,298	187,752	38,854
Net (decrease)/increase in cash, cash equivalents and restricted cash		¥ 41,898	¥ 110,618	¥ (63,325)

Significant Accounting Policies - Summary of Finite Lived Intangible Assets Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2021
Copyrights [Member] \| Minimum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	1 year
Copyrights [Member] \| Maximum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Software [Member] \| Minimum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	1 year
Software [Member] \| Maximum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years
Trademark And Others [Member] \| Minimum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	3 years
Trademark And Others [Member] \| Maximum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of Accounting Policies [Line Items]

Summary of Property Plant Equipment Estimated Useful Lives

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

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

Summary of Finite Lived Intangible Assets Useful Lives

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

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

Summary of Contract Liabilities Consist of Deferred Revenue


	January 1, 2019		December 31, 2019		December 31, 2020		December 31, 2021
Deferred revenue		10,668		14,530		17,001		20,657

Summary of Accounts Receivable

The accounts receivable arises primarily from its advertising customers.


	December 31, 2020		December 31, 2021
Accounts receivable		8,361		6,458

Service Provider Concentration Risk [Member]

Disclosure of Accounting Policies [Line Items]

Summary of Advertising and Promotional Service Providers Details


	For the year ended December 31,
	2019			2020			2021
Total number of advertising and promotional service providers		236			203			198
Number of service providers that accounted for 10% or more of the Group’s advertising and promotional expenses		2			3			2
Total percentage of the Group’s advertising and promotional expenses that were paid to these service providers who accounted for 10% or more of the Group’s advertising and promotional service expenses		36.0	%		38.1	%		44.9	%

Accounts Receivable [Member]

Disclosure of Accounting Policies [Line Items]

Summary of Advertising and Promotional Service Providers Details


	December 31, 2020			December 31, 2021
Customer A		68.3	%		87.3	%
Customer B		21.5	%		—

Cost of Revenues (Tables)

12 Months Ended

Dec. 31, 2021

Cost Of Revenues [Abstract]

Summary of Cost Revenues

The following is a summary of cost of revenues for the years ended December 31, 2019, 2020 and 2021:


	For the year ended December 31,
	2019		2020		2021
	RMB		RMB		RMB
Revenue sharing fees		850,167		1,031,903		1,357,270
Salary and welfare benefits		29,072		41,159		52,268
Payment handling costs		15,573		22,692		32,506
Bandwidth costs		5,702		11,226		30,889
Share-based compensation expense		—		14,789		11,484
Others		9,641		12,909		18,088

Total		910,155		1,134,678		1,502,505

Taxation - Summary of Income Tax Reconciliation (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory income tax rate of the PRC	25.00%	25.00%	25.00%
Tax rate difference from preferential tax treatments and statutory rate in other jurisdictions	(16.50%)	(16.30%)	(7.40%)
Effect of withholding taxes	(0.30%)
Permanent differences	26.60%	16.90%	5.60%
Change in valuation allowances	(35.20%)	(26.80%)	(23.20%)
Effective income tax rate	(0.40%)	(1.20%)

Pre-Ipo Preferred Shares - Additional information (Detail)		1 Months Ended										12 Months Ended
	Oct. 18, 2019 shares	Apr. 30, 2021 shares	Jul. 31, 2018 $ / shares shares	Dec. 31, 2017 shares	Jul. 31, 2017 USD ($) shares	Jun. 30, 2017 USD ($) shares	Jan. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($) shares	Feb. 28, 2014 USD ($) shares	Mar. 31, 2012 USD ($) shares	Mar. 31, 2011 USD ($) shares	Dec. 31, 2021 USD ($)
Class of Stock [Line Items]
Stock issued, during the period		3,685,504
Minimum Pre-offering Valuation \| $												$ 400,000,000
Number Of Shares Transferred	17,597,981
IPO [Member]
Class of Stock [Line Items]
Minimum Pre-offering Valuation \| $												400,000,000
Proceeds From Conversion Of Preferred Stock \| $												40,000,000
Minimum [Member]
Class of Stock [Line Items]
Proceeds From Conversion Of Preferred Stock \| $												$ 70,000,000
Series A Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $											$ 1,000,000
Stock issued, during the period											10,000,000
Stock Splits, shares issued during the period			100,000,000
Preferred stock, par value \| $ / shares			$ 0.0001
Stock split, conversion ratio												0.10
Series B Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $									$ 1,000,000	$ 2,500,000
Stock issued, during the period										8,333,332
Stock Splits, shares issued during the period			33,333,330
Preferred stock, par value \| $ / shares			$ 0.0001
Stock split, conversion ratio												0.10
Series B Convertible Redeemable Preferred Shares [Member] \| 2014 Loan [member]
Class of Stock [Line Items]
Stock issued, during the period									3,333,333
Series C Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $								$ 10,894,477
Stock issued, during the period								11,725,839
Stock Splits, shares issued during the period			117,258,390
Preferred stock, par value \| $ / shares			$ 0.0001
Stock split, conversion ratio												0.10
Series C Convertible Redeemable Preferred Shares [Member] \| 2014 Loan [member]
Class of Stock [Line Items]
Stock issued, during the period								2,532,494
Stock Splits, shares issued during the period			25,324,940
Preferred stock, par value \| $ / shares			$ 0.0001
Stock split, conversion ratio												0.10
Series C1 Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $							$ 3,223,675
Stock issued, during the period							3,469,736
Stock Splits, shares issued during the period			34,697,360
Preferred stock, par value \| $ / shares			$ 0.0001
Stock split, conversion ratio												0.10
Series C1 Plus Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Stock issued, during the period				2,691,209
Stock Splits, shares issued during the period			26,912,090
Preferred stock, par value \| $ / shares			$ 0.0001
Stock split, conversion ratio												0.10
Series D Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $					$ 10,000,000	$ 22,000,000
Stock issued, during the period					4,004,775	8,810,504
Stock Splits, shares issued during the period					40,047,750	88,105,040
Preferred stock, par value \| $ / shares			0.0001
Stock split, conversion ratio												0.10
Series D1 Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock \| $					$ 5,000,000
Stock issued, during the period					2,002,387
Stock Splits, shares issued during the period					20,023,870
Preferred stock, par value \| $ / shares			$ 0.0001
Stock split, conversion ratio												0.10

Consolidated Statements of Changes in Shareholders' (Deficit)/Equity ¥ in Thousands, $ in Thousands	USD ($) shares	CNY (¥) shares	Ordinary shares [Member] CNY (¥) shares	Treasury stock [Member] CNY (¥) shares	Additional Paid-in Capital [Member] CNY (¥)	Accumulated other comprehensive income/(loss) [Member] CNY (¥)	Accumulated deficit [Member] CNY (¥)
Beginning balance, shares at Dec. 31, 2018 \| shares			260,000,000	0
Beginning balance at Dec. 31, 2018		¥ (925,959)	¥ 171	¥ 0	¥ 0	¥ 3,758	¥ (929,888)
Statement [Line Items]
Net loss		(132,957)					(132,957)
Preferred shares redemption value accretion		¥ (940,186)					(940,186)
Issuance of treasury stock for grants of restricted shares \| shares			25,428,430	(25,428,430)
Issuance of treasury stock for grants of restricted shares			¥ 18	¥ (18)
Vesting of restricted share units, shares \| shares	0	0
Foreign currency translation adjustment		¥ 671				671
Ending balance, shares at Dec. 31, 2019 \| shares			285,428,430	(25,428,430)
Ending balance at Dec. 31, 2019		(1,998,431)	¥ 189	¥ (18)	0	4,429	(2,003,031)
Statement [Line Items]
Net loss		(82,184)					(82,184)
Issuance of ordinary shares , shares \| shares			82,000,000
Issuance of ordinary shares		256,408	¥ 56		256,352
Conversion of preferred shares to ordinary shares upon the completion of the IPO shares		2,101,056	¥ 391		2,100,665
Preferred shares redemption value accretion		(154,066)					(154,066)
Share-based payment compensation		49,170			49,170
Issuance of treasury stock for grants of restricted shares		¥ 3,378			3,378
Issuance of treasury stock for share incentive plan \| shares			5,000,000	(5,000,000)
Issuance of treasury stock for share incentive plan			¥ 4	¥ (4)
Vesting of restricted shares, shares \| shares				9,857,100
Vesting of restricted shares				¥ 8	(8)
Vesting of restricted share units, shares \| shares	190,160	190,160		190,160
Vesting of restricted share units		¥ 196			196
Exercise of options, shares \| shares	3,235,000	3,235,000		3,235,100
Exercise of options, value		¥ 2		¥ 2
Foreign currency translation adjustment		(6,338)				(6,338)
Ending balance, shares at Dec. 31, 2020 \| shares			941,464,520	(17,146,070)
Ending balance at Dec. 31, 2020		¥ 169,191	¥ 640	¥ (12)	2,409,753	(1,909)	(2,239,281)
Statement [Line Items]
Conversion of preferred shares to ordinary shares upon the completion of the IPO shares, shares \| shares	569,036,090	569,036,090	569,036,090
Net loss	$ (19,969)	¥ (127,300)					(127,250)
Issuance of ordinary shares , shares \| shares			73,710,080
Issuance of ordinary shares		183,188	¥ 48		183,140
Share-based payment compensation		¥ 34,715			34,715
Issuance of treasury stock for share incentive plan \| shares			15,002,660	(15,002,660)
Issuance of treasury stock for share incentive plan			¥ 10	¥ (10)
Vesting of restricted shares, shares \| shares				6,232,100
Vesting of restricted shares				¥ 5	(5)
Vesting of restricted share units, shares \| shares	1,812,960	1,812,960		4,830,900
Vesting of restricted share units		¥ 2,856		¥ 3	2,853
Exercise of options, shares \| shares	4,925,000	4,925,000		4,924,720
Exercise of options, value		¥ 3		¥ 3
Foreign currency translation adjustment	$ (1,232)	(7,848)				(7,848)
Ending balance, shares at Dec. 31, 2021 \| shares			1,030,177,260	(16,161,010)
Ending balance at Dec. 31, 2021	$ 39,993	¥ 254,855	¥ 698	¥ (11)	¥ 2,630,456	¥ (9,757)	¥ (2,366,531)

Taxes Payable

12 Months Ended

Dec. 31, 2021

Taxes Payable [Abstract]

Taxes Payable

10.	Taxes Payable

The Group’s subsidiaries,

the

VIEs and subsidiaries of VIEs incorporated in China are subject to 6% VAT for services rendered.

The following is a summary of taxes payable as of December 31, 2020 and 2021:


	December 31, 2020		December 31, 2021
	RMB		RMB
VAT payables		2,830		2,058
Withholding individual income taxes for employees		1,533		2,334
Income tax payable		999		450
Others		447		722

Total		5,809		5,564

Restricted Net Assets

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Restricted Net Assets

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

10%

of net

after-tax

income should be set aside prior to payment of any dividends, until the reserve fund reached 50% of the registered capital of the respective company. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries, VIEs and subsidiaries of VIEs are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which restricted portion amounted to approximately

RMB46.2

million as of December 31, 2021. Even though the Company currently does not require any such dividends, loans or advances from the PRC subsidiaries, VIEs and subsidiaries of VIEs for working capital and other funding purposes, nor any remaining, undistributed earnings existed in its PRC subsidiaries as of December 31, 2021, the Company may in the future require additional cash resources from its PRC subsidiaries, VIEs and subsidiaries of VIEs due to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends to or distributions to the Company’s shareholders, if any.

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share Reconciliation [Abstract]

Summary of diluted net loss per share

The following table sets forth a summary that been excluded from the calculation of diluted net loss per share of the Company for the periods been presented.


	For the year ended December 31,
	2019		2020		2021
Preferred shares		569,036,090		—		—
Share options		—		2,092,300		7,036,117
Restricted shares		—		3,141,612		5,680,877
Restricted share units		—		—		2,462,618

Total		569,036,090		5,233,912		15,179,612

Summary of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2019, 2020 and 2021:


	For the year ended December 31,
	2019			2020			2021
	RMB			RMB			RMB
Numerator:
Net loss		(132,957	)		(82,184	)		(127,250	)
Less: accretions to preferred shares redemption value		(940,186	)		(154,066	)		—

Net loss attributable to Lizhi Inc.’s ordinary shareholders		(1,073,143	)		(236,250	)		(127,250	)

Denominator:
Weighted average number of ordinary shares outstanding, basic		260,000,000			883,202,412			991,715,849
Weighted average number of ordinary shares outstanding, diluted		260,000,000			883,202,412			991,715,849
Weighted average number of ADSs outstanding, basic		13,000,000			44,160,121			49,585,792
Weighted average number of ADSs outstanding, diluted		13,000,000			44,160,121			49,585,792

Basic net loss per share attributable to Lizhi Inc.’s ordinary shareholders		(4.13	)		(0.27	)		(0.13	)
Diluted net loss per share attributable to Lizhi Inc.’s ordinary shareholders		(4.13	)		(0.27	)		(0.13	)
Basic net loss per ADSs attributable to Lizhi Inc.’s ordinary shareholders		(82.55	)		(5.35	)		(2.57	)
Diluted net loss per ADSs attributable to Lizhi Inc.’s ordinary shareholders		(82.55	)		(5.35	)		(2.57	)

Net Loss per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2019 $ / shares
Numerator :
Net loss	$ (19,969)	¥ (127,250)	¥ (82,184)	¥ (132,957)
Less: accretions to preferred shares redemption value	0	0	(154,066)	(940,186)
Net loss attributable to the Lizhi Inc.'s ordinary shareholders	$ (19,969)	¥ (127,250)	¥ (236,250)	¥ (1,073,143)
Denominator:
Weighted average number of ordinary shares outstanding, basic	991,715,849	991,715,849	883,202,412	260,000,000
Weighted average number of ordinary shares outstanding, diluted	991,715,849	991,715,849	883,202,412	260,000,000
Basic net loss per share attributable to Lizhi Inc.'s ordinary shareholders \| (per share)	$ (0.02)	¥ (0.13)	¥ (0.27)	¥ (4.13)	$ (4.13)
Diluted net loss per share attributable to Lizhi Inc.'s ordinary shareholders \| (per share)	$ (0.02)	¥ (0.13)	¥ (0.27)	¥ (4.13)	$ (4.13)
American Depositary Shares [Member]
Denominator:
Weighted average number of ordinary shares outstanding, basic	49,585,792	49,585,792	44,160,121	13,000,000
Weighted average number of ordinary shares outstanding, diluted	49,585,792	49,585,792	44,160,121	13,000,000
Basic net loss per share attributable to Lizhi Inc.'s ordinary shareholders \| ¥ / shares		¥ (2.57)	¥ (5.35)	¥ (82.55)
Diluted net loss per share attributable to Lizhi Inc.'s ordinary shareholders \| ¥ / shares		¥ (2.57)	¥ (5.35)	¥ (82.55)

Pre-Ipo Preferred Shares - Summarized Group of Preferred Shares Activities (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2019 CNY (¥) shares
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares			569,036,090	569,036,090
Beginning balance			¥ 1,946,990	¥ 1,006,804
Temporary equity, accretion to redemption value, adjustment	$ 0	¥ 0	¥ 154,066	¥ 940,186
Temporary equity, shares outstanding ending balance \| shares				569,036,090
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, shares \| shares			(569,036,090)
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, value			¥ (2,101,056)
Ending balance				¥ 1,946,990
Series A Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares			100,000,000	100,000,000
Beginning balance			¥ 344,876	¥ 164,733
Temporary equity, accretion to redemption value, adjustment			¥ 29,021	¥ 180,143
Temporary equity, shares outstanding ending balance \| shares				100,000,000
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, shares \| shares			(100,000,000)
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, value			¥ (373,897)
Ending balance				¥ 344,876
Series B Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares			116,666,650	116,666,650
Beginning balance			¥ 400,476	¥ 195,422
Temporary equity, accretion to redemption value, adjustment			¥ 33,342	¥ 205,054
Temporary equity, shares outstanding ending balance \| shares				116,666,650
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, shares \| shares			(116,666,650)
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, value			¥ (433,818)
Ending balance				¥ 400,476
Series C Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares			142,583,330	142,583,330
Beginning balance			¥ 485,302	¥ 249,150
Temporary equity, accretion to redemption value, adjustment			¥ 38,707	¥ 236,152
Temporary equity, shares outstanding ending balance \| shares				142,583,330
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, shares \| shares			(142,583,330)
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, value			¥ (524,009)
Ending balance				¥ 485,302
Series C1 Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares			34,697,360	34,697,360
Beginning balance			¥ 117,973	¥ 60,433
Temporary equity, accretion to redemption value, adjustment			¥ 9,424	¥ 57,540
Temporary equity, shares outstanding ending balance \| shares				34,697,360
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, shares \| shares			(34,697,360)
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, value			¥ (127,397)
Ending balance				¥ 117,973
Series C1 Plus Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares			26,912,090	26,912,090
Beginning balance			¥ 92,966	¥ 49,539
Temporary equity, accretion to redemption value, adjustment			¥ 7,015	¥ 43,427
Temporary equity, shares outstanding ending balance \| shares				26,912,090
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, shares \| shares			(26,912,090)
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, value			¥ (99,981)
Ending balance				¥ 92,966
Series D Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares			128,152,790	128,152,790
Beginning balance			¥ 438,439	¥ 250,098
Temporary equity, accretion to redemption value, adjustment			¥ 31,610	¥ 188,341
Temporary equity, shares outstanding ending balance \| shares				128,152,790
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, shares \| shares			(128,152,790)
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, value			¥ (470,049)
Ending balance				¥ 438,439
Series D1 Convertible Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Temporary equity, shares outstanding beginning balance \| shares			20,023,870	20,023,870
Beginning balance			¥ 66,958	¥ 37,429
Temporary equity, accretion to redemption value, adjustment			¥ 4,947	¥ 29,529
Temporary equity, shares outstanding ending balance \| shares				20,023,870
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, shares \| shares			(20,023,870)
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO, value			¥ (71,905)
Ending balance				¥ 66,958

Share-based Compensation - Summary of Stock Option Awards Outstanding (Details) ¥ in Thousands, shares in Thousands	12 Months Ended
	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 $ / shares	Dec. 31, 2018 CNY (¥) shares
Number of Options - Beginning balance	38,667		12,321		13,165
Number of Options - Granted	32,389		33,295
Number of Options - Forfeited	(15,571)		(3,714)		(844)
Number of Options - Exercised	(4,925)		(3,235)
Number of Options - Ending balance	50,560		38,667		12,321		13,165
Number of Options - Exercisable	8,557	8,557	5,252	5,252
Weighted average exercise price, Beginning balance \| $ / shares		$ 0.0001		$ 0.0001		$ 0.0001
Weighted average exercise price, Granted \| $ / shares		0.0001		0.0001
Weighted average exercise price, Forfeited \| $ / shares		0.0001		0.0001		0.0001
Weighted average exercise price, Ending balance \| $ / shares		0.0001		0.0001		$ 0.0001
Options, Exercisable, Weighted Average Exercise Price \| $ / shares		$ 0.0001		$ 0.0001
Options, Outstanding, Weighted Average Remaining Contractual Term	2 years 6 months 21 days		3 years 1 month 2 days		2 years 9 months		3 years 9 months
Aggregated intrinsic value, Beginning balance \| ¥	¥ 48,921		¥ 43,011		¥ 20,514
Aggregated intrinsic value, Ending balance \| ¥	29,786		48,921		¥ 43,011		¥ 20,514
Aggregated intrinsic value, Option exercisable \| ¥	¥ 5,041		¥ 6,644
Employee [Member]
Number of Options - Beginning balance	37,804		11,821		12,665
Number of Options - Granted	32,389		32,932
Number of Options - Forfeited	(15,571)		(3,714)		(844)
Number of Options - Exercised	(4,925)		(3,235)
Number of Options - Ending balance	49,697		37,804		11,821		12,665
Number of Options - Exercisable	8,216	8,216	5,002	5,002
Consultants [Member]
Number of Options - Beginning balance	863		500		500
Number of Options - Granted			363
Number of Options - Ending balance	863		863		500		500
Number of Options - Exercisable	341	341	250	250

Pre-Ipo Preferred Shares

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Pre-IPO Preferred Shares

14.	Pre-IPO Preferred Shares

Series A, B, C, C1, C1+, D and D1 convertible redeemable preferred shares are collectively referred to as the “Preferred Shares”.

Series A financing

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

Series B financing

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

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

Series C financing

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

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

Series C1 financing

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

Series C1+ financing

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

Series D financing

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

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

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

Series D1 financing

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

The key terms of the Preferred Shares are as follows:

Conversion right

The Series A, B, C, C1, C1+, D and D1 preferred shares were convertible, at the option of the holders at any time after the original issue date of the relevant series of preferred shares into such number of fully paid and

non-assessable

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

pre-offering

valuation of at least US$400,000,000, and gross proceeds to the Company in excess of US$70,000,000. If the offering does not constitute a QIPO, it is at the option of holders of preferred shares to convert. No fractional ordinary share shall be issued upon conversion of the preferred shares. In lieu of any fractional ordinary shares to which the holder would otherwise be entitled, the Group shall pay cash equal to such fraction multiplied by the then effective conversion price for any such series of preferred shares. In December 2019, agreed by written consent from the Company’s shareholders, foregoing QIPO has been amended to that, the Company been registered under the applicable securities laws with a

pre-offering

valuation of at least US$400,000,000, and gross proceeds to the Company in excess of US$40,000,000, pursuant to which, the completion of IPO in January 2020 had triggered the automatic conversion of all series of preferred shares into ordinary shares.

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

Redemption right

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

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

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

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

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

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

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

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

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

Dividend rights

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

Liquidation rights

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

as-converted

basis.

Voting rights

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

Accounting of Preferred Shares

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

paid-in

capital. Once additional

paid-in

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

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

All series of Preferred Shares were converted into Class A ordinary shares at the time of the Company’s IPO. Accordingly, no additional accretion has been recorded since conversion, and there is no longer mezzanine equity.

The Group’s preferred shares activities for the years ended December 31, 2019 and 2020 are summariz

d below:


	Series A Preferred Shares						Series B Preferred Shares						Series C Preferred Shares						Series C1 Preferred Shares						Series C1+ Preferred Shares						Series D Preferred Shares						Series D1 Preferred Shares						Mezzanine Equity
	Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Total number of shares			Total amount
				RMB						RMB						RMB						RMB						RMB						RMB						RMB						RMB
Balance as of January 1, 2019		100,000,000			164,733			116,666,650			195,422			142,583,330			249,150			34,697,360			60,433			26,912,090			49,539			128,152,790			250,098			20,023,870			37,429			569,036,090			1,006,804
Accretions to Preferred Shares redemption value		—			180,143			—			205,054			—			236,152			—			57,540			—			43,427			—			188,341			—			29,529			—			940,186

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

Balance as of January 1, 2020		100,000,000			344,876			116,666,650			400,476			142,583,330			485,302			34,697,360			117,973			26,912,090			92,966			128,152,790			438,439			20,023,870			66,958			569,036,090			1,946,990
Accretions to Preferred Shares redemption value		—			29,021			—			33,342			—			38,707			—			9,424			—			7,015			—			31,610			—			4,947			—			154,066
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO		(100,000,000	)		(373,897	)		(116,666,650	)		(433,818	)		(142,583,330	)		(524,009	)		(34,697,360	)		(127,397	)		(26,912,090	)		(99,981	)		(128,152,790	)		(470,049	)		(20,023,870	)		(71,905	)		(569,036,090	)		(2,101,056	)

Balance as of December 31, 2020		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—

Fair Value Measurement - Additional Information (Detail) - Fair Value, Nonrecurring [Member] - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial assets at fair value	¥ 0	¥ 0
Financial liabilities at fair value	¥ 0	¥ 0

Taxation (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Income Tax Reconciliation


	For the year ended December 31,
	2019			2020			2021
	%			%			%
Statutory income tax rate of the PRC		25.0			25.0			25.0
Tax rate difference from preferential tax treatments and statutory rate in other jurisdictions		(7.4	)		(16.3	)		(16.5	)
Effect of withholding taxes		—			—			(0.3	)
Permanent differences		5.6			16.9			26.6
Change in valuation allowances		(23.2	)		(26.8	)		(35.2	)

Effective income tax rate		—			(1.2	)		(0.4	)

Summary of Operating Loss Carry Forward

As of December 31, 2021, certain entities of the Company had net operating tax loss carry forwards as follows:


	RMB
Loss expiring in 2022		7,626
Loss expiring in 2023		5,620
Loss expiring in 2024		18,949
Loss expiring in 2025		22,150
Loss expiring in 2026		64,533
Loss expiring in 2027		15,141
Loss expiring in 2028		47,863
Loss expiring in 2029		156,879
Loss expiring in 2030		156,066
Loss expiring in 2031		207,664

		702,491

Summary of Significant Components of Deferred Tax Assets

The following table presents the tax impact of significant temporary differences that give rise to the deferred tax assets as of December 31, 2020 and 2021:


	December 31, 2020			December 31, 2021
	RMB			RMB
Deferred tax assets:
Net operating tax loss carry forwards		72,988			112,248
Advertising expenses in excess of deduction limit		709			63
Deferred revenue		910			527

Total deferred tax assets		74,607			112,838

Less: valuation allowances		(74,607	)		(112,838	)

Net deferred tax assets		—			—

Summary of Movement of Valuation Allowance

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


	Balance at January 1			Movement*			Balance at December 31
	RMB			RMB			RMB
2019		(50,499	)		(29,821	)		(80,320	)
2020		(80,320	)		5,713			(74,607	)
2021		(74,607	)		(38,231	)		(112,838	)

Taxes Payable - Summary of Taxes Payable (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Taxes Payable [Abstract]
VAT payables	¥ 2,058	¥ 2,830
Withholding individual income taxes for employees	2,334	1,533
Income tax payable	450	999
Others	722	447
Total	¥ 5,564	¥ 5,809

Property, Equipment and Leasehold Improvement, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6.	Property, Equipment and Leasehold Improvement, Net

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


	December 31, 2020			December 31, 2021
	RMB			RMB
Electronic equipment		65,352			76,401
Furniture and office equipment		1,530			1,729
Vehicles		597			2,793
Leasehold improvement		5,392			10,012
Total property, equipment and leasehold improvement		72,871			90,935

Less: accumulated depreciation		(38,353	)		(57,544	)

Property, equipment and leasehold improvement, net		34,518			33,391

Depreciation expenses were RMB10.8 million, RMB17.7 million and RMB19.2 million for the years ended December 31, 2019, 2020 and 2021, respectively. No impairment charge was recognized for any of the years presented.

Taxation - Summary of Movement of Valuation Allowance (Detail) - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Deferred Taxes, Business Combination, Valuation Allowance [Abstract]

Beginning Balance

¥ (74,607)

¥ (80,320)

¥ (50,499)

Movement

^[1]

(38,231)

5,713

(29,821)

Ending Balance

¥ (112,838)

¥ (74,607)

¥ (80,320)

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

Intangible Assets - Summary of Finite Lived Intangible Assets Future Amortization Expense (Detail) ¥ in Thousands	Dec. 31, 2021 CNY (¥)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	¥ 1,276
2023	660
2024	204
2025	91
2026	¥ 14

Significant Accounting Policies - Summary of Advertising Business Exceeding (Detail) - Accounts Receivable [Member] - Customer Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Customer A [Member]
Disclosure of Advertising and Promotional Service Providers [Line Items]
Concentration risk, percentage	87.30%	68.30%
Customer B [Member]
Disclosure of Advertising and Promotional Service Providers [Line Items]
Concentration risk, percentage	0.00%	21.50%

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

The following is a summary of accrued expenses and other current liabilities as of December 31, 2020 and 2021:


	December 31, 2020		December 31, 2021
	RMB		RMB
Advertising and promotional expenses		33,808		32,849
Professional service fees		7,719		7,690
Payable for property, equipment and leasehold improvement, net		1,526		681
Accrued sales rebates for advertising business		3,286		2,660
Accrued legal cost		1,101		4,863
Others		3,607		4,743

Total		51,047		53,486

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

17.	Commitments and Contingencies

Litigation

In January 2021, certain of the Group’s current and former directors and officers, underwriters and certain other parties were named as defendants in two putative securities class actions filed in the Supreme Court of the State of New York, County of New York and the U.S. District Court for the Eastern District of New York, respectively. The actions are both purportedly brought on behalf of a class of persons who allegedly suffered damages as a result of their trading in the ADSs. Both actions allege that the Registration Statement dated January 16, 2020 contained material misstatements and/or omissions regarding the impact of COVID-19 on the Group in violation of the U.S. Securities Act of 1933. The defendants’ motion to dismiss was granted by the State Court on March 3, 2022. The motion to dismiss filed in the Federal Court is still pending. These actions remain in their preliminary stages. The Group are currently unable to estimate the potential loss, if any, associated with the resolution of such lawsuits, if they proceed.

From time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. Based on currently available information, management does not believe that the ultimate outcome of any unresolved matters, individually and in the aggregate, is reasonably possible to have a material adverse effect on the Group’s financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. The Group has not recorded any material liabilities in this regard as of December 31, 2020 and 2021.

Cost of Revenues

12 Months Ended

Dec. 31, 2021

Cost Of Revenues [Abstract]

Cost of Revenues

13.	Cost of Revenues

The following is a summary of cost of revenues for the years ended December 31, 2019, 2020 and 2021:


	For the year ended December 31,
	2019		2020		2021
	RMB		RMB		RMB
Revenue sharing fees		850,167		1,031,903		1,357,270
Salary and welfare benefits		29,072		41,159		52,268
Payment handling costs		15,573		22,692		32,506
Bandwidth costs		5,702		11,226		30,889
Share-based compensation expense		—		14,789		11,484
Others		9,641		12,909		18,088

Total		910,155		1,134,678		1,502,505

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

The Group’s operating leases mainly related to offices facilities

As of December 31, 2020 and 2021, the Group recognized the following items related to operating leases on its consolidated balance sheet:


	December 31, 2020			December 31, 2021
	RMB			RMB
Operating lease ROU assets		4,282			28,941

Operating lease liabilities-non-current		(587	)		(17,076	)
Operating lease liabilities-current		(3,709	)		(13,929	)

Total operating lease liabilities		(4,296	)		(31,005	)

Weighted average remaining lease term		1.3 years			2.5 years
Weighted average discount rate		7.0	%		7.0	%

The components of lease cost for the years ended December 31, 2020 and 2021 were as follows:


	For the year ended December 31,
	2020		2021
	RMB		RMB
Operating lease cost		8,569		10,329
Short-term lease cost		7,456		9,353

Total lease cost		16,025		19,682

No lease cost was capitalized as part of the cost of another assets.

Supplemental cash flow information related to the operating leases was as follows:


	For the year ended December 31,
	2020		2021
	RMB		RMB
Cash paid for operating leases		8,867		9,786

Right-of-use assets obtained in exchange for operating lease liabilities		12,851		34,988

A summary of maturity of operating lease liabilities under the Group’s

non-cancellable

operating leases as of December 31, 2021 is as follows:


	December 31, 2021
	RMB
2021		—
2022		14,446
2023		13,080
2024		5,969

Total lease payment		33,495

Less: interest		(2,490	)
Present value of operating lease liability		31,005

The increase of operating lease assets obtained in exchange for operating lease liabilities in 2021 was mainly due to the renewal of lease agreements

that

expired

and several new lease agreements signed by the Group in 2021. As of December 31, 2020 and 2021, the Group had

no operating leases that had not yet commenced.

Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

7.	Intangible Assets

The following table summarizes the Group’s intangible assets:


	December 31, 2020			December 31, 2021
	RMB			RMB
Gross carrying amount
Copyright		8,488			8,492
Software		2,851			3,080
Trademark and others		2,446			3,215

Total gross carrying amount		13,785			14,787

Less: accumulated amortization
Copyright		(8,468	)		(8,696	)
Software		(1,503	)		(2,032	)
Trademark and others		(885	)		(1,814	)

Total accumulated amortization		(10,856	)		(12,542	)

Intangible assets, net		2,929			2,245

Amortization expense for the years ended December 31, 2019, 2020 and 2021 were RMB1.8 million, RMB1.6 million and RMB1.7 million, respectively.

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


	Amortization expense of intangible assets
	RMB
2022		1,276
2023		660
2024		204
2025		91
2026		14

Segment Information - Schedule of Key Revenues Streams (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Revenue, Major Customer [Line Items]
Revenues	$ 332,598	¥ 2,119,514	¥ 1,502,908	¥ 1,180,597
Audio entertainment [Member]
Revenue, Major Customer [Line Items]
Revenues		2,101,475	1,481,120	1,167,934
Podcast advertising and others [Member]
Revenue, Major Customer [Line Items]
Revenues		¥ 18,039	¥ 21,788	¥ 12,663

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Fair Value Measurements - Summary of Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Detail) - Dec. 31, 2020 - Fair Value, Recurring [Member] ¥ in Thousands, $ in Thousands	USD ($)	CNY (¥)
Fair Value, Net Asset (Liability) [Abstract]
Short-term investments	$ 11,191	¥ 73,022
Total	$ 11,191	73,022
Level 2
Fair Value, Net Asset (Liability) [Abstract]
Short-term investments		73,022
Total		¥ 73,022

Organization and Reorganization

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Reorganization

1.	Organization and Reorganization

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

pre-existing

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

As of December 31, 2021, the Company’s consolidated subsidiaries, the VIEs and subsidiaries of VIEs are as follows:


Major Subsidiaries	Place and year of incorporation	Percentage of direct or indirect economic ownership	Principal activities
Lizhi Inc. (“Lizhi BVI”)	British Virgin Islands, Y2010	100	Investment holding
Lizhi Holding Limited (“Lizhi HK”)	Hong Kong, China Y2010	100	Investment holding
Beijing Hongyiyichuang Information Technology Co., Ltd. (“Hongyi Technology”)	Beijing, China Y2011	100	Technical support and consulting services, advertising service
Tiya Inc. (“Tiya Cayman”)	Cayman Islands, Y2019	100	Investment holding
TIYA INC. (“Tiya BVI”)	British Virgin Islands, Y2019	100	Investment holding
Tiya Holding Limited (“Tiya HK”)	Hong Kong, China Y2019	100	Investment holding
TIYA PTE. LTD.	Singapore Y2019	100	Audio entertainment business and others
NASHOR PTE. LTD.	Singapore Y2019	100	Audio entertainment business and others
Guangzhou Tiya Information Technology Co., Ltd. (“Guangzhou Tiya”)	Guangzhou, China Y2019	100	Technical support and consulting services
Tiya Inc. (“Tiya USA”)	USA Y2020	100	Audio entertainment business and others
Major VIEs	Place and year of incorporation/ acquisition	Percentage of direct or indirect economic ownership	Principal activities
Guangzhou Lizhi Network Technology Co., Ltd. (“Guangzhou Lizhi”)	Guangzhou, China Y2007	100	Audio entertainment and podcast business
Guangzhou Huanliao Network Technology Co., Ltd. (“Guangzhou Huanliao”) *	Guangzhou, China Y2016	100	Audio entertainment business and others
Major subsidiaries of VIEs	Place and year of incorporation	Percentage of direct or indirect economic ownership	Principal activities
Changsha Limang Interaction Entertainment Co., Ltd.	Changsha, China Y2015	100	Audio entertainment business and others
Huai’an Lizhi Network Technology Co., Ltd.	Huai’an, China Y2015	100	Audio entertainment business and others
Wuhan Lizhi Network Technology Co., Ltd.	Wuhan, China Y2017	100	Audio entertainment business and others
Chongqing Piwan Network Technology Co., Ltd.	Chongqing, China Y2019	100	Audio entertainment business and others

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

History of the Group

Reorganization

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

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

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

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

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

non-substantive

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

Initial Public Offering

In January 2020, the Company completed an IPO in which an aggregate of 82,000,000 Class A ordinary shares was offered and sold in the form of ADSs. On January 17, 2020, the ADSs have been listed on the Nasdaq Global Market under the symbol “LIZI”.

Follow-on Public Offering

In April 2021, the Company completed a registered direct offering of 3,685,504 ADSs and warrants to purchase up to 2,764,128 ADSs, at an offering price of US$8.14 per ADS and

the

corresponding warrant. The gross proceeds of this registered direct offering were US$30,000,002 before deducting placement agent fees and other offering expenses.

Contractual arrangements with VIEs

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

•

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

•

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

•

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

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

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

Guangzhou Lizhi

Equity Pledge Agreement

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

Exclusive Equity Transfer Option Agreement

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

Exclusive Technology Consulting and Service Agreement

Pursuant to an exclusive technology consulting and service agreement entered into

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

after-tax

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

Operating Agreement

Pursuant to an operating agreement entered into

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

Power of Attorney

Pursuant to a series of power of attorney issued by shareholders of Guangzhou Lizhi

n June 20, 2019, such shareholders of Guangzhou Lizhi irrevocably appointed Hongyi Technology as their

attorney-in-fact

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

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

Guangzhou Huanliao

Equity Pledge Agreement

Pursuant to an equity pledge agreement entered into

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

Exclusive Equity Transfer Option Agreement

Pursuant to an exclusive equity transfer option agreements entered into

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

Exclusive Technical Consulting and Service Agreement

Pursuant to an exclusive technology consulting and service agreement entered into

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

after-tax

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

Operation Agreement

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

Power of Attorney

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

attorney-in-fact

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

Risks in relation to the VIE structure

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

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

The Chief Executive Officer (CEO) along with the Chief Technology Officer (CTO) own the majority of the voting shares of the Company, they also own the majority of the voting shares of the VIEs. The enforceability, and therefore the benefits, of the contractual agreements between the Company and the VIE depend on these individuals enforcing the contracts. There is a risk that the benefits of ownership between the Company and the VIE may not be aligned in the future. Given the significance and importance of the VIEs, there would be a significant negative impact to the Company if these contracts were not enforced.

The Group’s operations depend on the VIEs to honour their contractual agreements with the Group and the Company’s ability to control the VIEs also depends on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder’s voting power are legally enforceable and the possibility that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned risks and uncertainties is remote.

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

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

•

revoke the business licenses and/or operating licenses of the Group;

•

confiscate any of the Group’s income that they deem to be obtained through illegal operations;

•

discontinue or place restrictions or onerous conditions on the Group’s operations;

•

place restrictions on the Group’s right to collect revenues;

•

shut down the Group’s servers or block the Group’s apps/websites;

•

require the Group to restructure the operations in such a way as to compel the Group to establish a new enterprise, re-apply for the necessary licenses or relocate the Group’s businesses, staff and assets;

•

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

•

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

•

impose fines on the Group;

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


	As of December 31, 2020		As of December 31, 2021
	RMB		RMB
ASSETS
Current assets:
Cash and cash equivalents		148,979		191,549
Short-term investments		73,022		—
Restricted cash		3,695		3,023
Accounts receivable, net		2,642		1
Prepayments and other current assets		13,190		20,245
Amount due from the subsidiaries of the Group		500		197

Total current assets		242,028		215,015

Non-current assets:
Property, equipment and leasehold improvement, net		34,342		28,580
Intangible assets, net		2,929		2,245
Right-of-use assets, net		3,841		9,653
Other non-current assets		711		799

Total non-current assets		41,823		41,277

TOTAL ASSETS		283,851		256,292

Current liabilities:
Accounts payable		73,986		70,639
Deferred revenue		16,226		19,118
Salary and welfare payable		88,464		116,204
Taxes payable		4,559		4,940
Short-term loans		39,508		68,999
Lease liabilities due within one year		3,542		5,767
Accrued expenses and other current liabilities		41,559		42,803
Amount due to the subsidiaries of the Group		385,583		377,331

Total current liabilities		653,427		705,801

Non-current liabilities:
Lease liabilities		587		4,132

Total non-current liabilities		587		4,132

TOTAL LIABILITIES		654,014		709,933

The VIEs hold assets with no carrying value in the consolidated balance sheet that are important to the Company’s ability to produce revenue (referred to as unrecognized revenue-producing assets). Unrecognized revenue-producing assets held by the VIEs mainly include the ICP License and the Internet Culture Operating License. Recognized revenue-producing assets held by the VIEs mainly include copyrights, trademarks and domain names.


	For the year ended
	December 31, 2019			December 31, 2020			December 31, 2021
	RMB			RMB			RMB
Net revenues		1,179,468			1,456,190			1,975,758
Net loss		(116,891	)		(84,441	)		(81,551	)

Included in the net loss of the VIEs are charges for technical development or technical service fees paid to other entities within the Group. The amount of such fees were nil, RMB26.9 million, and RMB9.6 million in 2019, 2020 and 2021, respectively.


	For the year ended
	December 31, 2019			December 31, 2020			December 31, 2021
	RMB			RMB			RMB
Net cash (used in)/generated from operating activities		(73,015	)		17,425			(17,723	)
Net cash (used in)/generated from investing activities		(29,164	)		(94,559	)		52,323
Net cash generated from financing activities		38,854			187,752			7,298
Net (decrease)/increase in cash, cash equivalents and restricted cash		(63,325	)		110,618			41,898

In accordance with various contractual agreements, the Company has the power to direct the activities of the VIEs and their subsidiaries and can have assets transferred out of the VIEs. Therefore, the Company considers that there are no assets in the respective VIEs that can be used only to settle obligations of the respective VIEs, except for the registered capital of the VIEs amounted to approximately

RMB51.0 million

as of December 31, 2020 and 2021. As the respective VIEs are incorporated as limited liability companies under the PRC Company Law, creditors do not have recourse to the general credit of the Company for the liabilities of the respective VIEs. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. As the Group is conducting a significant portion of businesses in the PRC through the VIEs, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.

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

Liquidity

The Group incurred net loss of RMB133.0 million, RMB82.2 million and RMB127.3 million for the years ended December 31, 2019, 2020 and 2021, respectively.

Net cash (used in)/generated from operating activities were

RMB(95.8) million, RMB40.0 million and RMB (40.4) million for the years ended December 31, 2019, 2020 and 2021, respectively. Accumulated deficit was RMB2,239.3 million and RMB2,366.5 million as of December 31, 2020 and 2021, respectively.

The

Group assesses its liquidity by its ability to generate cash from operating activities and attract investors’ investments.

The Group’s principal sources of liquidity have been cash generated from its operations and contributions from its shareholders, as well as short term borrowings. As

of December 31, 2021, it had RMB533.3 million (US$83.7 million) in cash and cash

equivalents which are readily convertible to fixed amounts of cash and with original maturities from the date of purchase with terms of three months or less. The Group had a positive working capital (defined as total current assets deducted by total current liabilities)

of RMB211.0 million (US$33.1

million) as of December 31, 2021 primarily due to the net proceeds received from public offerings. Therefore, the Group believes its current cash and cash equivalents will be sufficient to meet the cash requirements to fund planned operations and other commitments for at least the next twelve months. The Group’s consolidated financial statements have been prepared based on the Company continuing as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.

Net Loss Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss per Share

16.	Net Loss per Share

The Group incurred losses for the years ended December 31, 2019, 2020 and 2021, hence restricted shares, restricted share units and share options granted were anti-dilutive and should be excluded from the calculation of diluted net loss per share of the Company.

The following table sets forth a summary that been excluded from the calculation of diluted net loss per share of the Company for the periods been presented.


	For the year ended December 31,
	2019		2020		2021
Preferred shares		569,036,090		—		—
Share options		—		2,092,300		7,036,117
Restricted shares		—		3,141,612		5,680,877
Restricted share units		—		—		2,462,618

Total		569,036,090		5,233,912		15,179,612

The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2019, 2020 and 2021:


	For the year ended December 31,
	2019			2020			2021
	RMB			RMB			RMB
Numerator:
Net loss		(132,957	)		(82,184	)		(127,250	)
Less: accretions to preferred shares redemption value		(940,186	)		(154,066	)		—

Net loss attributable to Lizhi Inc.’s ordinary shareholders		(1,073,143	)		(236,250	)		(127,250	)

Denominator:
Weighted average number of ordinary shares outstanding, basic		260,000,000			883,202,412			991,715,849
Weighted average number of ordinary shares outstanding, diluted		260,000,000			883,202,412			991,715,849
Weighted average number of ADSs outstanding, basic		13,000,000			44,160,121			49,585,792
Weighted average number of ADSs outstanding, diluted		13,000,000			44,160,121			49,585,792

Basic net loss per share attributable to Lizhi Inc.’s ordinary shareholders		(4.13	)		(0.27	)		(0.13	)
Diluted net loss per share attributable to Lizhi Inc.’s ordinary shareholders		(4.13	)		(0.27	)		(0.13	)
Basic net loss per ADSs attributable to Lizhi Inc.’s ordinary shareholders		(82.55	)		(5.35	)		(2.57	)
Diluted net loss per ADSs attributable to Lizhi Inc.’s ordinary shareholders		(82.55	)		(5.35	)		(2.57	)

Significant Accounting Policies - Summary of Contract Liabilities Consist of Deferred Revenue (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Disclosure of Schedule of contract liabilities consist of deferred revenue [Abstract]
Deferred revenue	¥ 20,657	¥ 17,001	¥ 14,530	¥ 10,668

Intangible Assets - Additional Information (Detail) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Amortization of Deferred Charges [Abstract]
Amortization expense	$ 265	¥ 1,700	¥ 1,593	¥ 1,763

Property, Equipment and Leasehold Improvement, Net - Summary of Property Plant and Equipment (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		¥ 90,935	¥ 72,871
Less: accumulated depreciation		(57,544)	(38,353)
Property, equipment and leasehold improvement , net	$ 5,240	33,391	34,518
Electronic equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		76,401	65,352
Furniture and office equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		1,729	1,530
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		2,793	597
Leasehold improvement [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		¥ 10,012	¥ 5,392

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

12.	Accrued Expenses and Other Current Liabilities

The following is a summary of accrued expenses and other current liabilities as of December 31, 2020 and 2021:


	December 31, 2020		December 31, 2021
	RMB		RMB
Advertising and promotional expenses		33,808		32,849
Professional service fees		7,719		7,690
Payable for property, equipment and leasehold improvement, net		1,526		681
Accrued sales rebates for advertising business		3,286		2,660
Accrued legal cost		1,101		4,863
Others		3,607		4,743

Total		51,047		53,486

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses And Other Current Liabilities (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Advertising and promotional expenses	¥ 32,849	¥ 33,808
Professional service fees	7,690	7,719
Payable for property, equipment and leasehold improvement, net	681	1,526
Accrued sales rebates for advertising business	2,660	3,286
Accrued legal cost	4,863	1,101
Others	4,743	3,607
Total	¥ 53,486	¥ 51,047

Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) ¥ in Thousands, $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Cash and cash equivalents:
Total cash and cash equivalents	$ 83,700	¥ 533,293	¥ 315,459
RMB [Member]
Cash and cash equivalents:
Total cash and cash equivalents		237,393	152,032
US [Member]
Cash and cash equivalents:
Total cash and cash equivalents		291,776	161,663
Other [Member]
Cash and cash equivalents:
Total cash and cash equivalents		¥ 4,124	¥ 1,764

Intangible Assets - Summary of Finite Lived Intangible Assets (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Gross [Abstract]
Finite Lived Copyright Gross	¥ 8,492	¥ 8,488
Capitalized Computer Software, Gross	3,080	2,851
Finite Lived Trademarks And Other Gross	3,215	2,446
Total gross carrying amount	14,787	13,785
Less: accumulated amortization
Finite-Lived Intangible Assets, Accumulated Amortization	(12,542)	(10,856)
Intangible assets, net	2,245	2,929
Copyright [Member]
Less: accumulated amortization
Finite-Lived Intangible Assets, Accumulated Amortization	(8,696)	(8,468)
Software [Member]
Less: accumulated amortization
Finite-Lived Intangible Assets, Accumulated Amortization	(2,032)	(1,503)
Trademark and others [Member]
Less: accumulated amortization
Finite-Lived Intangible Assets, Accumulated Amortization	¥ (1,814)	¥ (885)

Taxation - Summary of Significant Components of Deferred Tax Assets (Detail) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Assets, Net of Valuation Allowance [Abstract]
Net operating tax loss carry forwards	¥ 112,248	¥ 72,988
Advertising expenses in excess of deduction limit	63	709
Deferred revenue	527	910
Total deferred tax assets	112,838	74,607
Less: valuation allowances	(112,838)	¥ (74,607)	¥ (80,320)	¥ (50,499)
Net deferred tax assets	¥ 0

Property, Equipment and Leasehold Improvement, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of Property Plant and Equipment

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


	December 31, 2020			December 31, 2021
	RMB			RMB
Electronic equipment		65,352			76,401
Furniture and office equipment		1,530			1,729
Vehicles		597			2,793
Leasehold improvement		5,392			10,012
Total property, equipment and leasehold improvement		72,871			90,935

Less: accumulated depreciation		(38,353	)		(57,544	)

Property, equipment and leasehold improvement, net		34,518			33,391

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of presentation

Principles of consolidation

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

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

Use of estimates

Functional currency and foreign currency translation

Convenience Translation

, 2021.

No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into U.S. dollars at such rate or at any other rate.

Fair value measurements

•

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

•

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

See Note 2

for additional information.

Cash and cash equivalents

The Group had no lien arrangements during the years ended December 31, 2020 and 2021.

Restricted cash

million, of which full provision was recorded, was restricted due to an ongoing investigation of an end consumer of the platform as requested by the local authorities.

Short-term investments

In accordance with ASC 825, for investments in financial instruments with a variable interest rate indexed to the performance of underlying assets, the Company elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Changes in the fair value are reflected in the consolidated statements of operation and comprehensive loss. To estimate fair value, the Company refers to the quoted rate of return provided by financial institutions at the end of each period and classifies the valuation techniques that use these inputs as level 2 of fair value measurement. Since these investments’ maturity dates are within one year, they are classified as short-term investments. The Company recorded investment income from its short-term investments

nil, RMB 1.2 million,

RMB0.5

million in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2019, 2020 and 2021.

Accounts receivable

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

Property, equipment and leasehold improvement, net

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

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

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

Intangible assets, net

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

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

Impairment of long-lived assets

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

Revenue recognition

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

Audio entertainment revenue

non-refundable

pre-determined

after the virtual items are consumed immediately or after the stated contract period of time for time-based items.

Podcast revenue

ASC 250 Accounting Changes and Error Corrections

Contract liabilities


	January 1, 2019		December 31, 2019		December 31, 2020		December 31, 2021
Deferred revenue		10,668		14,530		17,001		20,657

January 1, 2019, December 31, 2019 and 2020.

Advertising revenue

The accounts receivable arises primarily from its advertising customers.


	December 31, 2020		December 31, 2021
Accounts receivable		8,361		6,458

Please see Note 4 for additional information.

There were no material contract assets as of December 31, 2020 and 2021.

Practical Expedients

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

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

Deferred revenue

Cost of revenue

Research and development expenses

Selling and marketing expenses

Leases

Adoption of the New Lease Accounting Standard

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update

No. 2016-02,

Leases

(“ASU

2016-02”).

right-of-use

(“ROU”) assets or operating lease liabilities.

The impact of adoption of the new guidance on January 1, 2020, was not material; the Group recognized operating lease ROU assets and operating lease

liabilities of RMB11.7 million (including current portion of RMB8.3 million and

non-current

portion of RMB3.4 million).

December 31, 2020 and 2021.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the lease payments over the lease term at commencement date.

The Group’s lease agreements contain both lease and

non-lease

components, which are accounted for separately based on their relative standalone price.

Government grants

Share-based compensation

Share-based compensation expenses arise from share-based awards, including share options for the purchase of ordinary shares, restricted shares and restricted share units.

The Company accounts for share-based awards granted to employee and

non-employee

share based awards was granted for the year ended December 31, 2019, and all share-based awards granted in 2020 and 2021 were with little to

exercise price for which fair value was measured as the grant date price of the Company’s ordinary shares.

pre-vesting

occurs.

Employee benefits

PRC Contribution Plan

Taxation

Income taxes

Uncertain tax positions

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

two-step

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

two-step

Related parties

Net loss per share

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

two-class

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

two-class

Statutory reserves

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

after-tax

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

non-distributable

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

after-tax

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

after-tax

The Group has not appropriated any amount to statutory reserves for the years ended December 31, 2019, 2020 and 2021, because the Company’s Chinese subsidiaries,

the

VIEs and subsidiaries of VIEs were in the position of accumulated deficit as of December 31, 2019, 2020 and 2021.

Comprehensive loss

aa)

Comprehensive loss

Segment reporting

bb)

Segment reporting

Concentration and credit risk

cc)

Concentration and credit risk

Advertising and promotional service providers


	For the year ended December 31,
	2019			2020			2021
Total number of advertising and promotional service providers		236			203			198
Number of service providers that accounted for 10% or more of the Group’s advertising and promotional expenses		2			3			2
Total percentage of the Group’s advertising and promotional expenses that were paid to these service providers who accounted for 10% or more of the Group’s advertising and promotional service expenses		36.0	%		38.1	%		44.9	%

Credit risk

Major customers for advertising business


	December 31, 2020			December 31, 2021
Customer A		68.3	%		87.3	%
Customer B		21.5	%		—

Recently issued accounting pronouncements

dd)

Recently issued accounting pronouncements

any

new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards.

Recent accounting pronouncements not yet adopted

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

2016-13,

Pre-Ipo Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Summarized Group of Preferred Shares Activities

The Group’s preferred shares activities for the years ended December 31, 2019 and 2020 are summariz

d below:


	Series A Preferred Shares						Series B Preferred Shares						Series C Preferred Shares						Series C1 Preferred Shares						Series C1+ Preferred Shares						Series D Preferred Shares						Series D1 Preferred Shares						Mezzanine Equity
	Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Number of shares			Amount			Total number of shares			Total amount
				RMB						RMB						RMB						RMB						RMB						RMB						RMB						RMB
Balance as of January 1, 2019		100,000,000			164,733			116,666,650			195,422			142,583,330			249,150			34,697,360			60,433			26,912,090			49,539			128,152,790			250,098			20,023,870			37,429			569,036,090			1,006,804
Accretions to Preferred Shares redemption value		—			180,143			—			205,054			—			236,152			—			57,540			—			43,427			—			188,341			—			29,529			—			940,186

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

Balance as of January 1, 2020		100,000,000			344,876			116,666,650			400,476			142,583,330			485,302			34,697,360			117,973			26,912,090			92,966			128,152,790			438,439			20,023,870			66,958			569,036,090			1,946,990
Accretions to Preferred Shares redemption value		—			29,021			—			33,342			—			38,707			—			9,424			—			7,015			—			31,610			—			4,947			—			154,066
Conversion of preferred shares to Class A ordinary shares upon the completion of the IPO		(100,000,000	)		(373,897	)		(116,666,650	)		(433,818	)		(142,583,330	)		(524,009	)		(34,697,360	)		(127,397	)		(26,912,090	)		(99,981	)		(128,152,790	)		(470,049	)		(20,023,870	)		(71,905	)		(569,036,090	)		(2,101,056	)

Balance as of December 31, 2020		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—

Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

Summary of Cash and Cash Equivalents

The following is a summary of cash and cash equivalents:


	December 31, 2020		December 31, 2021
	RMB		RMB
Cash and cash equivalents:
RMB		152,032		237,393
US$		161,663		291,776
Others		1,764		4,124

Total cash and cash equivalents		315,459		533,293

Taxes Payable (Tables)

12 Months Ended

Dec. 31, 2021

Taxes Payable [Abstract]

Summary of Taxes Payable

The following is a summary of taxes payable as of December 31, 2020 and 2021:


	December 31, 2020		December 31, 2021
	RMB		RMB
VAT payables		2,830		2,058
Withholding individual income taxes for employees		1,533		2,334
Income tax payable		999		450
Others		447		722

Total		5,809		5,564

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

3.	Cash and Cash Equivalents

The following is a summary of cash and cash equivalents:


	December 31, 2020		December 31, 2021
	RMB		RMB
Cash and cash equivalents:
RMB		152,032		237,393
US$		161,663		291,776
Others		1,764		4,124

Total cash and cash equivalents		315,459		533,293

Share-based Compensation - Additional Information (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Millions		12 Months Ended
	Mar. 07, 2011	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 $ / shares	Dec. 31, 2021 CNY (¥) shares	Sep. 17, 2021 shares	Mar. 18, 2020 shares	Mar. 17, 2020 shares
Weighted average grant date fair value of options granted \| (per share)		¥ 1.44	$ 0.23	¥ 1.96		$ 0
Vesting of restricted share units, shares		1,812,960		190,160	0
Cash settled equity instrument granted under share-based payment arrangements \| ¥		¥ 0		¥ 0	¥ 0
Compensation cost for share-based payment arrangements \| ¥		¥ 0		¥ 0	¥ 0
Common Class A [Member]
Ordinary shares, shares authorized			1,268,785,000	1,268,785,000			1,268,785,000
Number Of Ordinary Shares Held For The Benefit Of Senior Management Directors And Employees			7,140,380				7,140,380
Restricted Stock [Member]
Award vesting period		4 years
Award vesting percentage	25.00%
Restricted shares units, Granted				2,607,000	10,428,000
Vesting of restricted share units, shares		6,232,000		9,857,000
Restricted Stock Units (RSUs) [Member]
Restricted shares units, Granted		13,080,200		9,611,020
Vesting of restricted share units, shares		3,018,000		0
2012 Incentive Plan [Member]
Award vesting period		4 years
2019 Incentive Plan and the Amended and Restated 2019 Share Incentive Plan [Member]
Award vesting period		4 years
Unrecognized compensation expenses, unvested awards			$ 11.9	¥ 62,600			¥ 75,300
Unrecognized compensation expenses, weighted average period for recognition		2 years 6 months 29 days		2 years 8 months 12 days
2019 Incentive Plan [Member] \| Common Class A [Member]
Ordinary shares, shares authorized								100,000,000	100,000,000	40,000,000
2019 Incentive Plan [Member] \| Common Class A [Member] \| Restated [Member]
Ordinary shares, shares authorized								170,000,000
2019 Incentive Plan [Member] \| Common Class A [Member] \| Maximum [Member]
Award vesting period		4 years
2018 Incentive Plan [Member]
Award vesting period		4 years