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Investment in equity investees (Tables)
 9 Months Ended
Sep. 30, 2019
Yonghui Group  
Schedule of investment accounted for using equity method
                         
 
 
As of
August 11,
2016
 
 
As of
December 31,
2018
 
 
As of
September 30,
2019
 
 
 
RMB
 
 
RMB
 
 
RMB
 
Carrying value of investment in Yonghui
 
 
4,234,929
 
 
 
5,450,209
 
 
 
5,505,566
 
Proportionate share of Yonghui’s net tangible and intangible assets
 
 
1,869,905
 
 
 
2,122,874
 
 
 
2,229,692
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive basis difference
 
 
2,365,024
 
 
 
3,327,335
 
 
 
3,275,874
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive basis difference has been primarily assigned to:
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
 
 
1,270,190
 
 
 
1,989,726
 
 
 
1,989,726
 
Amortizable intangible assets (*)
 
 
1,459,779
 
 
 
1,783,478
 
 
 
1,714,864
 
Deferred tax liabilities
 
 
(364,945
)
 
 
(445,869
)
 
 
(428,716
)
 
 
 
2,365,024
 
 
 
3,327,335
 
 
 
3,275,874
 
Cumulative gains in equity interest in Yonghui
 
 
—
 
 
 
250,538
 
 
 
426,233
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(*) As of September 30, 2019, the weighted average remaining life of the intangible assets not included in Yonghui’s consolidated financial statements was 15 years.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bitauto Group  
Schedule of investment accounted for using equity method
 
As of
February 16,
2015
 
  
As of
December 31,
2018
 
  
As of
September 30,
2019
 
  
RMB
 
  
RMB
 
  
RMB
 
Carrying value of investment in Bitauto (*)
   
5,496,188
     
2,544,367
     
1,836,909
 
Proportionate share of Bitauto’s net tangible and intangible assets
   
2,119,109
     
2,619,609
     
2,368,479
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive
/
(negative) basis difference
    
3,377,079
     
(75,242
)    
(531,570
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive
/
(negative) basis difference has been primarily assigned to:
    
     
     
 
Goodwill (*)
   
2,846,260
     
—
     
—
 
Amortizable intangible assets (**)
   
707,758
     
(75,242
)    
(531,570
)
Deferred tax liabilities
   
(176,939
)    
—
     
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
3,377,079
     
(75,242
)    
(531,570
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Cumulative losses in equity interest in Bitauto
   
—
     
(3,280,796
)    
(3,863,025
)
(*)
In the first quarter of 2019, the Group conducted impairment assessment on its investment in Bitauto considering the duration and severity of the decline of Bitauto’s stock price after the investment, as well as the financial condition, operating performance and the prospects of Bitauto, and concluded the decline in fair value of the investment w
as
other-than-temporary. Accordingly, the Group recorded impairment charge of
RMB488,453 to write down the carrying value of its investment in Bitauto to the fair value, based on quoted closing price of Bitauto’s stock as of March 31, 2019.
(**)
As of September 30, 2019, the negative basis difference between carrying value of investment in Bitauto and proportionate share of Bitauto’s net tangible and intangible assets was RMB
531,570
.
This difference would not be amortized.
Dada Group  
Schedule of the estimated fair value of the assets/investments received
 
As of
April 26,
2016
 
  
RMB
 
Assets/investments received by the Group
   
 
  
Dada’s ordinary shares
   
2,164,050
 
Dada’s preferred shares
   
1,298,700
 
Warrant to purchase Dada’s preferred shares
   
45,450
 
 
 
 
 
 
    
3,508,200
 
         
Schedule of investment accounted for using equity method
 
As of
April 26,
2016
 
  
As of
December 31,
2018
 
  
As of
September 30,
2019
 
  
RMB
 
  
RMB
 
  
RMB
 
Carrying value of investment in Dada’s ordinary shares
   
2,164,050
     
—  
      
—  
  
Proportionate share of Dada’s net tangible and intangible assets
   
424,140
     
(1,709,458
)    
(1,703,654
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive basis difference
    
1,739,910
     
1,709,458
     
1,703,654
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive basis difference has been primarily assigned to:
    
     
     
 
Goodwill
   
1,605,891
     
1,605,891
     
1,605,891
 
Amortizable intangible assets (*)
   
178,692
     
138,089
     
130,350
 
Deferred tax liabilities
   
(44,673
)    
(34,522
)    
(32,587
)
 
 
 
 
 
 
 
 
 
 
 
 
 
    
1,739,910
     
1,709,458
     
1,703,654
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cumulative losses in equity interest in Dada’s ordinary shares
   
—  
     
(2,164,050
)    
(2,164,050
)
(*) As of September 30, 2019, the weighted average remaining life of the intangible assets not included in Dada’s consolidated financial statements was 6 years.
Tuniu Group  
Schedule of investment accounted for using equity method
 
As of
May 22,
2015
 
  
As of
December 31,
2018
 
  
As of
September 30,
2019
 
  
RMB
 
  
RMB
 
  
RMB
 
Carrying value of investment in Tuniu (*)
   
2,494,145
     
858,566
     
543,767
 
Proportionate share of Tuniu’s net tangible and intangible assets
   
1,014,296
     
714,009
     
633,547
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive
/
(negative) basis difference
    
1,479,849
     
144,557
     
(89,780
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive
/
(negative) basis difference has been primarily assigned to:
    
     
     
 
Goodwill (*)
   
1,212,149
     
23,899
     
—  
 
Amortizable intangible assets (**)
   
356,933
     
160,877
     
(89,780
)
Deferred tax liabilities
   
(89,233
)    
(40,219
)    
—  
 
                         
    
1,479,849
     
144,557
     
(89,780
)
                         
Cumulative losses in equity interest in Tuniu
   
—  
     
(1,635,579
)    
(1,950,378
)
(*)
In the second quarter of 2019, the Group conducted impairment assessment on its investment in Tuniu considering the duration and severity of the decline of Tuniu’s stock price after the investment, and concluded the decline in fair value of the investment w
as
 other-than-temporary. Accordingly, the Group recorded impairment charge of
RMB222,212 
to write down the carrying value of its investment in Tuniu to its fair value, based on quoted closing price of Tuniu as of June 30, 2019.
(**)
As of September 30, 2019, the negative basis difference between carrying value of investment in Tuniu and proportionate share of Tuniu’s net tangible and intangible assets was RMB89,780. This difference would not be amortized.
Jiangsu Five Star  
Schedule of investment accounted for using equity method
 
 
As of
April 29,
2019
 
 
As of September 30, 2019
 
 
RMB
 
 
RMB
 
Carrying value of investment in Jiangsu Five Star
 
 
1,274,257
 
 
 
1,370,853
 
Proportionate share of Jiangsu Five Star’s net tangible and intangible assets
 
 
432,310
 
 
 
530,888
 
 
 
 
 
 
 
 
 
 
Positive basis difference
 
 
841,947
 
 
 
839,965
 
 
 
 
 
 
 
 
 
 
Positive basis difference has been primarily assigned to:
 
 
 
 
 
 
Goodwill
 
 
586,325
 
 
 
586,325
 
Amortizable intangible assets (*)
 
 
208,840
 
 
 
207,938
 
Property,
e
quipment
and software 
(*)
 
 
131,990
 
 
 
130,250
 
Deferred tax liabilities
 
 
(85,208
)
 
 
(84,548
)
 
 
 
 
 
 
 
 
 
 
 
841,947
 
 
 
839,965
 
 
 
 
 
 
 
 
 
 
Cumulative gains in equity interest in Jiangsu Five Star
 
 
—  
 
 
 
96,596
 
(*)
As of September 30, 2019, the weighted average remaining
lives 
of the intangible asset
s
and property, equipment 
and software were
 20
 
years and 25 years, respectively.
Yixin  
Schedule of investment accounted for using equity method
 
As of
November 16,
2017
 
  
As of
December 31,
2018
 
  
As of
September 30,
2019
 
  
RMB
 
  
RMB
 
  
RMB
 
Carrying value of investment in Yixin
   
860,992
     
1,044,537
     
1,198,696
 
Proportionate share of Yixin’s net tangible and intangible assets
   
1,703,448
     
1,641,276
     
1,655,026
 
                         
N
egative basis difference
   
(842,456
)    
(596,739
)    
(456,330
)
                         
Cumulative gains in equity interest in Yixin
   
—  
     
183,545
     
337,704