Gaotu Techedu Inc. (China)

The Company s not a PRC operating company but a Cayman Islands holding company with operations primarily conducted through (i) our subsidiaries incorporated in mainland China, or mainland China subsidiaries, and (ii) contractual arrangements with its VIE and its subsidiaries based in mainland China. The laws and regulations of mainland China restrict and impose conditions on foreign direct investment in internet content, value-added telecommunication-based online marketing, audio and video services and mobile application distribution businesses. Accordingly, we operate these businesses in mainland China through the VIE, and rely on contractual arrangements among our mainland China subsidiaries, the VIE and its shareholders to control the business operations of the VIE. The VIE is consolidated for accounting purposes, but is not an entity in which our Cayman Islands holding company, or our investors, own equity. Revenues contributed by the VIE accounted for 100 , 100 and 100 of our total revenues for the year ended December 31, 2020, 2021 and 2022, respectively. As used in this annual report, its subsidiaries, and, in the context of describing our operations and consolidated financial information, the VIE and its subsidiaries. Investors in our ADSs are not purchasing equity interest in the VIE in mainland China, but instead are purchasing equity interest in a holding company incorporated in the Cayman Islands.
The Company concluded that it has one operating segment and one reporting segment. The Company operates solely in the PRC and all of the Group's long-lived assets are located in the PRC.
HISTORY
2014 The Company was incorporated under the laws of the Cayman Islands in August 2014. The Company s established a wholly-owned subsidiary in Hong Kong, BaiJiaHuLian HK Holdings Limited.
2015 BaiJiaHuLian HK Holdings Limited established a wholly-owned subsidiary in mainland China, Beijing Lexuebang Network Technology Co., Ltd., or Beijing Lexuebang.
2019 The Company changed its corporate name to GSX Techedu Inc. The Company s common stock began trading on the NYSE under the symbol GSX on June 6, 2019.
2020 The Company s completed the acquisition of Zhengzhou Kaitong Kegongmao Co., Ltd. and renamed it as Zhengzhou GaoTuYunJi Education Technology Co., Ltd., which became a subsidiary of the VIE.
2021 The Company s changed its legal name from “GSX Techedu Inc.” to “Gaotu Techedu Inc.,” effective June 4, 2021. The Company s established two new wholly foreign-owned enterprises in Beijing and Wuhan, one new subsidiary of Beijing Lexuebang, as well as 11 new subsidiaries of the VIE in mainland China.