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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

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- 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



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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



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-SubTopic 10

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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

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (bbb)

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