XML 77 R36.htm IDEA: XBRL DOCUMENT
v2.4.0.8

FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
Fair value measurement |
Fair value, assets measured on recurring basis |
|  | Fair Value Measurement at December 31, 2013 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, 2013 |
|  | RMB |  | RMB |  | RMB |  | RMB |  | US$ |
Short-term investments |  |  |  |  |  |  |  |  |  |  |
Financial products |  | — |  | 3,375,477,351 |  | — |  | 3,375,477,351 |  | 557,589,136 |
Time deposits |  | — |  | 259,613,604 |  | — |  | 259,613,604 |  | 42,885,112 |
Available-for-sale investments |  |  |  |  |  |  |  |  |  |  |
Hanting |  | 1,016,455,767 |  | — |  | — |  | 1,016,455,767 |  | 167,906,530 |
eHi |  | — |  | — |  | 570,977,550 |  | 570,977,550 |  | 94,318,772 |
Easy Go |  | — |  | — |  | 143,904,165 |  | 143,904,165 |  | 23,771,275 |
Dining Secretary |  | — |  | — |  | 56,242,365 |  | 56,242,365 |  | 9,290,577 |
Happy City |  | — |  | — |  | 37,358,327 |  | 37,358,327 |  | 6,171,156 |
Total |  | 1,016,455,767 |  | 3,635,090,955 |  | 808,482,407 |  | 5,460,029,129 |  | 901,932,558 |
|  | Fair Value Measurement at December 31, 2012 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, 2012 |
|  | RMB |  | RMB |  | RMB |  | RMB |  | US$ |
Short-term investments |  |  |  |  |  |  |  |  |  |  |
Financial products |  | — |  | 1,030,000,000 |  | — |  | 1,030,000,000 |  | 165,326,399 |
Time deposits |  | — |  | 378,664,335 |  | — |  | 378,664,335 |  | 60,779,817 |
Available-for-sale investments |  |  |  |  |  |  |  |  |  |  |
Hanting |  | 585,540,705 |  | — |  | — |  | 585,540,705 |  | 93,985,763 |
Dining Secretary |  | — |  | — |  | 60,234,118 |  | 60,234,118 |  | 9,668,243 |
Total |  | 585,540,705 |  | 1,408,664,335 |  | 60,234,118 |  | 2,054,439,158 |  | 329,760,222 |
eHi |
Fair value measurement |
Reconciliation of fair value measurements |
|  | Amount |
|  | RMB |
Fair value of available-for-sale(Level 3) investment as at December 31, 2012 |  | — |
Investment in Series E Preferred Shares of eHi |  | 570,977,550 |
Transfer in and/or out of Level 3 |  | — |
The change in fair value of the investment in eHi |  | — |
Fair value of available-for-sale (Level 3) investment as at December 31, 2013 |  | 570,977,550 |
Fair value of available-for-sale investment (Level 3) as at December 31, 2013 (US$) |  | 94,318,772 |
Easy Go |
Fair value measurement |
Reconciliation of fair value measurements |
|  | Amount |
|  | RMB |
Fair value of available-for-sale(Level 3) investment as at December 31, 2012 |  | — |
Investment in Series B Preferred Shares of Easy Go |  | 139,633,000 |
Transfer in and/or out of Level 3 |  | — |
The change in fair value of the investment in Easy Go |  | 4,271,165 |
Fair value of available-for-sale (Level 3) investment as at December 31, 2013 |  | 143,904,165 |
Fair value of available-for-sale investment (Level 3) as at December 31, 2013 (US$) |  | 23,771,275
Significant unobservable inputs used in the valuation |
Valuation Technique |  | Unobservable Input |  | Parameter value
Discounted cash flow |  | Weighted average cost of capital (“WACC”) |  | 28%
|  | Terminal growth rate |  | 3%
|  | Lack of marketability discount (“LoMD”) |  | 17.5%
Option pricing model |  | Time to liquidation |  | 1.57 years
|  | Risk-free rate |  | 0.955%
|  | Expected volatility |  | 36.72%
|  | Probability |  | Liquidation scenario: 55% Redemption scenario: 40% Mandatory Conversion scenario: 5%
|  | Dividend yield |  | Nil
Dining Secretary |
Fair value measurement |
Reconciliation of fair value measurements |
|  | Amount |
|  | RMB |
Fair value of available-for-sale(Level 3) investment as at December 31, 2011 |  | 65,414,773 |
Investment in Series B Preferred Shares of Dining Secretary |  | — |
Transfer in and/or out of Level 3 |  | — |
Effect of exchange rate change |  | (638,000 | )
The change in fair value of the investment in Ding Secretary |  | (4,542,655 | )
Fair value of available-for-sale (Level 3) investment as at December 31, 2012 |  | 60,234,118 |
Investment in Series B Preferred Shares of Dining Secretary |  | — |
Transfer in and/or out of Level 3 |  | — |
Effect of exchange rate change |  | (1,764,000 | )
The change in fair value of the investment in Ding Secretary |  | (2,227,753 | )
Fair value of available-for-sale (Level 3) investment as at December 31, 2013 |  | 56,242,365 |
Fair value of available-for-sale investment (Level 3) as at December 31, 2013 (US$) |  | 9,290,577 |
Significant unobservable inputs used in the valuation |
Valuation Technique |  | Unobservable Input |  | Parameter value
Discounted cash flow |  | Weighted average cost of capital (“WACC”) |  | 28%
|  | Terminal growth rate |  | 3%
|  | Lack of marketability discount (“LoMD”) |  | 25%
Option pricing model |  | Time to liquidation |  | 2.0 years
|  | Risk-free rate |  | 1.08%
|  | Expected volatility |  | 44.9%
|  | Probability |  | Liquidation scenario: 45% Redemption scenario: 45% IPO scenario: 10%
|  | Dividend yield |  | Nil
Happy City |
Fair value measurement |
Reconciliation of fair value measurements |
|  | Amount |
|  | RMB |
Fair value of available-for-sale(Level 3) investment as at December 31, 2012 |  | — |
Investment in Series A Preferred Shares of Happy City |  | 36,715,800 |
Transfer in and/or out of Level 3 |  | — |
The change in fair value of the investment in Happy City |  | 642,527 |
Fair value of available-for-sale (Level 3) investment as at December 31, 2013 |  | 37,358,327 |
Fair value of available-for-sale investment (Level 3) as at December 31, 2013 (US$) |  | 6,171,156 |
Significant unobservable inputs used in the valuation |
Valuation Technique |  | Unobservable Input |  | Parameter value
Discounted cash flow |  | Weighted average cost of capital (“WACC”) |  | 27.5%
|  | Terminal growth rate |  | 3%
|  | Lack of marketability discount (“LoMD”) |  | 35%
Option pricing model |  | Time to liquidation |  | 4.0 years
|  | Risk-free rate |  | 1.462%
|  | Expected volatility |  | 51.2%
|  | Probability |  | Liquidation scenario: 50% Redemption scenario: 50%
|  | Dividend yield |  | Nil

X
- Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration