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Investment in equity investees (Tables)
 12 Months Ended
Dec. 31, 2019
Schedule of condensed financial information of the Group's equity investments
                         
 
For the year ended December 31,
 
 
2017
 
  
2018
 
  
2019
 
 
RMB
 
  
RMB
 
  
RMB
 
Operating data:
   
     
     
 
Revenue
s
    
72,206,753
     
94,099,295
     
128,942,238
  
Gross profit
   
19,162,739
     
26,893,544
     
34,540,510
  
Loss from operations
   
(2,200,140
 )    
(1,471,960
 )    
(534,006
)
Net loss
   
(2,549,137
 )    
(1,722,715
 )    
(564,940
)
Net loss attributable to shareholder
s
    
(2,977,210
 )    
(1,748,305
 )    
(1,235,224
)
       
 
As of December 31,
 
 
2017
 
  
2018
 
  
2019
 
 
RMB
 
  
RMB
 
  
RMB
 
Balance sheet data:
   
     
     
 
Current assets
   
78,125,211
     
110,276,278
     
117,073,881
  
Non-current
assets
    
62,806,104
     
78,546,934
     
97,456,584
  
Current liabilities
   
58,734,790
     
80,643,552
     
94,482,219
  
Non-current
liabilities
    
16,703,429
     
22,755,496
     
18,910,340
  
Redeemable stock
   
5,877,854
     
9,897,962
     
10,593,025
  
Non-controlling
interests
    
717,106
     
431,498
     
380,510
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Yonghui Group  
Schedule of investment accounted for using equity method
 
As of
December 31,
2017
 
 
As of
December 31,
2018
 
 
As of
December 31,
2019
 
 
RMB
 
 
RMB
 
 
RMB
 
Carrying value of investment in Yonghui
 
 
4,245,001
 
 
 
5,450,209
 
 
 
5,508,062
 
Proportionate share of Yonghui’s net tangible and intangible assets
 
 
1,946,349
 
 
 
2,122,874
 
 
 
2,249,239
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive basis difference
 
 
2,298,652
 
 
 
3,327,335
 
 
 
3,258,823
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive basis difference has been assigned to:
 
 
 
 
 
 
 
 
 
Goodwill
 
 
1,270,190
 
 
 
1,989,726
 
 
 
1,989,726
 
Amortizable intangible assets (*)
 
 
1,371,283
 
 
 
1,783,478
 
 
 
1,692,129
 
Deferred tax liabilities
    
(342,821
 )    
(445,869
 )    
(423,032
 )
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,298,652
 
 
 
3,327,335
 
 
 
3,258,823
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cumulative gains in equity interest in Yonghui
 
 
124,917
 
 
 
250,538
 
 
 
428,729
 
(*) As of December 31, 2019, the weighted average remaining life of the intangible assets not included in Yonghui’s consolidated financial statements was
15
years.
Schedule of condensed financial information of the Group's equity investments
 
  
For the year
ended
December 31,
2017
 
  
For the year
ended
December 31,
2018
 
  
For the year
ended
December 31,
2019
 
  
RMB
 
  
RMB
 
  
RMB
 
Revenue
s
    
55,524,229
     
67,975,691
     
81,367,849
 
Gross profit
   
11,319,620
     
14,912,887
     
18,019,934
 
Income from operations
   
2,065,795
     
1,296,271
     
2,024,586
 
Net income
   
1,721,628
     
1,189,513
     
1,774,888
 
Net income attributable to shareholders
   
1,818,910
     
1,548,833
     
2,000,842
 
Percentage of ownership in Yonghui
   
10
 %    
12
 %    
12
 %
                         
Proportionate share of Yonghui’s net income, before basis adjustments
   
181,891
     
160,630
     
232,580
 
Basis adjustments
   
(58,998
 )    
(64,072
 )    
(68,512
) 
                         
Proportionate share of Yonghui’s net income
   
122,893
      
96,558
     
164,068
 
                         
Bitauto Group  
Schedule of investment accounted for using equity method
 
As of December 31, 2017
 
 
As of
December 31,
2018
 
 
As of
December 31,
2019
 
 
RMB
 
 
RMB
 
 
RMB
 
Carrying value of investment in Bitauto (*)
 
 
2,128,409
 
 
 
2,544,367
 
 
 
1,817,781
 
Proportionate share of Bitauto’s net tangible and intangible assets
 
 
2,228,925
 
 
 
2,619,609
 
 
 
2,347,924
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive/(negative) basis difference
 
 
(100,516
)
 
 
(75,242
)
 
 
(530,143
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive/(negative) basis difference has been assigned to:
 
 
 
 
 
 
 
 
 
Goodwill (*)
 
 
—  
 
 
 
—  
 
 
 
—  
 
Amortizable intangible assets (**)
 
 
(100,516
)
 
 
(75,242
)
 
 
(530,143
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(100,516
)
 
 
(75,242
)
 
 
(530,143
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cumulative losses in equity interest in Bitauto
 
 
(3,696,754
)
 
 
(3,280,796
)
 
 
(3,910,223
)
(*) 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 was 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 December 31, 2019, the negative basis difference between carrying value of investment in Bitauto and proportionate share of Bitauto’s net tangible and intangible assets was RMB530,143. 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
December 31,
2017
 
 
As of
December 31,
2018
 
 
As of
December 31,
2019
 
 
RMB
 
 
RMB
 
 
RMB
 
Carrying value of investment in Dada’s ordinary shares
 
 
139,147
 
 
 
—  
 
 
 
—  
 
Proportionate share of Dada’s net tangible and intangible assets
 
 
(1,579,323
)
 
 
(1,709,458
)
 
 
(1,701,718
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive basis difference
 
 
1,718,470
 
 
 
1,709,458
 
 
 
1,701,718
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive basis difference has been assigned to:
 
 
 
 
 
 
 
 
 
Goodwill
 
 
1,605,891
 
 
 
1,605,891
 
 
 
1,605,891
 
Amortizable intangible assets (*)
 
 
150,105
 
 
 
138,089
 
 
 
127,770
 
Deferred tax liabilities
 
 
(37,526
)
 
 
(34,522
)
 
 
(31,943
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,718,470
 
 
 
1,709,458
 
 
 
1,701,718
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cumulative losses in equity interest in Dada’s ordinary shares
 
 
(2,024,903
)
 
 
(2,164,050
)
 
 
(2,164,050
)
 
 
 
 
 
(*) As of December 31, 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
December 31,
2017
 
 
As of
December 31,
2018
 
 
As of
December 31,
2019
 
 
RMB
 
 
RMB
 
 
RMB
 
Carrying value of investment in Tuniu (*)
 
 
947,500
 
 
 
858,566
 
 
 
457,443
 
Proportionate share of Tuniu’s net tangible and intangible assets
 
 
779,525
 
 
 
714,009
 
 
 
633,295
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive/(negative) basis difference
 
 
167,975
 
 
 
144,557
 
 
 
(175,852
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Positive/(negative) basis difference has been assigned to:
 
 
 
 
 
 
 
 
 
Goodwill (*)
 
 
23,899
 
 
 
23,899
 
 
 
—  
 
Amortizable intangible assets (**)
 
 
192,101
 
 
 
160,877
 
 
 
(175,852
)
Deferred tax liabilities
 
 
(48,025
)
 
 
(40,219
)
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
167,975
 
 
 
144,557
 
 
 
(175,852
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cumulative losses in equity interest in Tuniu
 
 
(1,546,645
)
 
 
(1,635,579
)
 
 
(2,036,702
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(*) In the second
and fourth
quarter of 2019, the Group conducted impairment assessment
s
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 was other-than-temporary. Accordingly, the Group recorded impairment charge
s
of RMB222,212 
and R
MB
86,072 in the second and fourth
quarter
s
of 2019, respectively, to write down the carrying value of its investment in Tuniu to its fair value, based on quoted closing price
s
of Tuniu as of June 30, 2019 and December 31, 2019, respectively.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(**) As of December 31, 2019, the negative basis difference between carrying value of investment in Tuniu and proportionate share of Tuniu’s net tangible and intangible assets was RMB175,852. This difference would not be amortized.
 
 
 
 
 
Jiangsu Five Star  
Schedule of investment accounted for using equity method
                 
 
As of
April 29,
2019
 
  
As of
December 31,
2019
 
 
RMB
 
  
RMB
 
Carrying value of investment in Jiangsu Five Star
   
1,274,257
     
1,317,045
 
Proportionate share of Jiangsu Five Star’s net tangible and intangible assets
   
432,310
     
480,438
 
                 
Positive basis difference
   
841,947
     
836,607
 
                 
Positive basis difference has been
assigned to:
    
     
 
Goodwill
   
586,325
     
586,325
 
Amortizable intangible assets (*)
   
208,840
     
206,069
 
Property (*)
    
131,990
     
127,641
 
Deferred tax liabilities
   
(85,208
 )    
(83,428
) 
                 
   
841,947
     
836,607
 
                 
 
 
 
 
 
 
 
 
 
Cumulative gains in equity interest in Jiangsu Five Star
   
—  
      
42,788
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(*) As of December 31, 2019, the weighted average remaining lives of the intangible assets and property were
19
years and
24
years, respectively.
 
 
 
 
 
 
Yixin  
Schedule of investment accounted for using equity method
Investment in Yixin is accounted for using the equity method with the investment cost allocated as follows:
                         
 
As of
December 31,
2017
 
 
As of
December 31,
2018
 
 
As of
December 31,
2019
 
 
RMB
 
 
RMB
 
 
RMB
 
Carrying value of investment in Yixin
 
 
860,992
 
 
 
1,044,537
 
 
 
1,206,741
 
Proportionate share of Yixin’s net tangible and intangible assets
 
 
1,703,448
 
 
 
1,641,276
 
 
 
1,663,071
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Negative basis difference
 
 
(842,456
)
 
 
(596,739
)
 
 
(456,330
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cumulative gains in equity interest in Yixin
 
 
—  
 
 
 
183,545
 
 
 
345,749