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FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended
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Sep. 30, 2015
Fair value measurement |
Fair value, assets measured on recurring basis |
|  | Fair Value Measurement at September 30, 2015 using |  |  |  |  |
|  | Quoted Prices in Active Market for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Unobservable inputs (Level 3) |  | Fair Value at September 30, 2015 |
|  | RMB |  | RMB |  | RMB |  | RMB |  | US$ |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial products |  |  | — |  |  | 7,096,870,156 |  |  | — |  |  | 7,096,870,156 |  |  | 1,116,632,600 |
Time deposits |  |  | — |  |  | 134,753,177 |  |  | — |  |  | 134,753,177 |  |  | 21,202,275 |
Available-for-sale investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tujia |  |  | — |  |  | — |  |  | 2,784,302,479 |  |  | 2,784,302,479 |  |  | 438,086,487 |
LY.com |  |  | — |  |  | — |  |  | 2,253,163,385 |  |  | 2,253,163,385 |  |  | 354,516,235 |
Hanting |  |  | 852,386,094 |  |  | — |  |  | — |  |  | 852,386,094 |  |  | 134,115,755 |
Easy Go |  |  | — |  |  | — |  |  | 643,186,701 |  |  | 643,186,701 |  |  | 101,199,997 |
eHi |  |  | 717,027,215 |  |  | — |  |  | — |  |  | 717,027,215 |  |  | 112,818,178 |
Tuniu |  |  | 313,860,446 |  |  | — |  |  | — |  |  | 313,860,446 |  |  | 49,383,291 |
A travel agency focusing on teenager market |  |  | — |  |  | — |  |  | 81,000,000 |  |  | 81,000,000 |  |  | 12,744,666 |
A big-data advertisement company |  |  | — |  |  | — |  |  | 63,556,000 |  |  | 63,556,000 |  |  | 10,000,000 |
Happy City |  |  | — |  |  | — |  |  | 36,328,061 |  |  | 36,328,061 |  |  | 5,715,914 |
Dining Secretary |  |  | — |  |  | — |  |  | 30,556,000 |  |  | 30,556,000 |  |  | 4,807,729 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  |  | 1,883,273,755 |  |  | 7,231,623,333 |  |  | 5,892,092,626 |  |  | 15,006,989,714 |  |  | 2,361,223,127 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | Fair Value Measurement at December 31, 2014 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, 2014 |
|  | RMB |  | RMB |  | RMB |  | RMB |  | US$ |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial products |  |  | — |  |  | 5,990,483,880 |  |  | — |  |  | 5,990,483,880 |  |  | 965,490,746 |
Time deposits |  |  | — |  |  | 448,370,707 |  |  | — |  |  | 448,370,707 |  |  | 72,264,240 |
Available-for-sale investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LY.com |  |  | — |  |  | — |  |  | 1,547,844,523 |  |  | 1,547,844,523 |  |  | 249,467,254 |
Hanting |  |  | 898,828,511 |  |  | — |  |  | — |  |  | 898,828,511 |  |  | 144,864,860 |
Easy Go |  |  | — |  |  | — |  |  | 627,905,501 |  |  | 627,905,501 |  |  | 101,199,997 |
eHi |  |  | 535,024,052 |  |  | — |  |  | — |  |  | 535,024,052 |  |  | 86,230,225 |
Tuniu |  |  | 216,690,294 |  |  | — |  |  | — |  |  | 216,690,294 |  |  | 34,924,136 |
A travel agency focusing on teenager market |  |  | — |  |  | — |  |  | 81,000,000 |  |  | 81,000,000 |  |  | 13,054,830 |
A big-data advertisement company |  |  | — |  |  | — |  |  | 62,046,000 |  |  | 62,046,000 |  |  | 10,000,000 |
Happy City |  |  | — |  |  | — |  |  | 35,422,062 |  |  | 35,422,062 |  |  | 5,709,000 |
Dining Secretary |  |  | — |  |  | — |  |  | 29,046,000 |  |  | 29,046,000 |  |  | 4,681,365 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  |  | 1,650,542,857 |  |  | 6,438,854,587 |  |  | 2,383,264,086 |  |  | 10,472,661,530 |  |  | 1,687,886,653 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tujia |
Fair value measurement |
Reconciliation of fair value measurements |
|  | Amount |
|  | RMB |
Fair value of available-for-sale(Level 3) investment as at December 31, 2014 |  |  | — |
Fair value of available-for-sale investment of Tujia |  |  | 2,784,302,479 |
Fair value of available-for-sale (Level 3) investment as at SeptembeTujiar 30, 2015 |  |  | 2,784,302,479 |
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale investment (Level 3) as at September 30, 2015 (US$) |  |  | 438,086,487 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
LY.com |
Fair value measurement |
Reconciliation of fair value measurements |
|  | Amount |
|  | RMB |
Fair value of available-for-sale(Level 3) investment as at December 31, 2013 |  |  | — |
Investment in common share of LY.com |  |  | 1,414,285,714 |
Transfer in and/or out of Level 3 |  |  | — |
The change in fair value of the investment in LY.com |  |  | — |
Fair value of available-for-sale (Level 3) investment as at September 30, 2014 |  |  | 1,414,285,714 |
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale(Level 3) investment as at December 31, 2014 |  |  | 1,547,844,523 |
Investment in common share of LY.com |  |  | — |
Transfer in and/or out of Level 3 |  |  | — |
The change in fair value of the investment in LY.com |  |  | 705,318,862 |
Fair value of available-for-sale (Level 3) investment as at September 30, 2015 |  |  | 2,253,163,385 |
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale investment (Level 3) as at September 30, 2015 (US$) |  |  | 354,516,235 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Tujia and LY.com |
Fair value measurement |
Significant unobservable inputs used in the valuation |
Valuation Technique |  | Unobservable Input |  | Parameter value
Discounted cash flow |  | Weighted average cost of capital ("WACC") |  | 19%
|  | Terminal growth rate |  | 3%
|  | Lack of marketability discount ("LoMD") |  | 28%
Option pricing model |  | Time to liquidation |  | 3 years
|  | Risk-free rate |  | 3.43%
|  | Expected volatility |  | 50.89%
|  | Probability |  | Liquidation scenario: 20%
|  |  |  | IPO scenario: 80%
|  | Dividend yield |  | Nil
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, 2013 |  |  | 143,904,165 |
Investment in Series C Preferred Shares of Easy Go |  |  | 184,377,000 |
Transfer in and/or out of Level 3 |  |  | — |
Effect of exchange rate change |  |  | (799,480 | )
The change in fair value of the investment in Easy Go |  |  | 293,683,897 |
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale (Level 3) investment as at September 30, 2014 |  |  | 621,165,582 |
Fair value of available-for-sale(Level 3) investment as at December 31, 2014 |  |  | 627,905,501 |
Investment in Series C Preferred Shares of Easy Go |  |  | — |
Transfer in and/or out of Level 3 |  |  | — |
Effect of exchange rate change |  |  | 15,281,200 |
The change in fair value of the investment in Easy Go |  |  | — |
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale (Level 3) investment as at September 30, 2015 |  |  | 643,186,701 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale investment (Level 3) as at September 30, 2015 (US$) |  |  | 101,199,997 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Travel agency focusing on teenager market |
Fair value measurement |
Reconciliation of fair value measurements |
|  | Amount |
|  | RMB |
Fair value of available-for-sale (Level 3) investment as at December 31, 2013 |  |  | — |
Investment in equity interest of a travel agency focusing on teenager market |  |  | 81,000,000 |
Transfer in and/or out of Level 3 |  |  | — |
The change in fair value of the investment in a travel agency focusing on teenager market |  |  | — |
Fair value of available-for-sale (Level 3) investment as at September 30, 2014 |  |  | 81,000,000 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale (Level 3) investment as at December 31, 2014 |  |  | 81,000,000 |
Investment in equity interest of a travel agency focusing on teenager market |  |  | — |
Transfer in and/or out of Level 3 |  |  | — |
The change in fair value of the investment in a travel agency focusing on teenager market |  |  | — |
Fair value of available-for-sale (Level 3) investment as at September 30, 2015 |  |  | 81,000,000 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale investment (Level 3) as at September 30, 2015 (US$) |  |  | 12,744,666 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Big-data service company |
Fair value measurement |
Reconciliation of fair value measurements |
|  | Amount |
|  | RMB |
Fair value of available-for-sale (Level 3) investment as at December 31, 2013 |  |  | — |
Investment in Series B Preferred Shares of a big-data advertisement company |  |  | 61,425,000 |
Transfer in and/or out of Level 3 |  |  | — |
Effect of exchange rate change |  |  | (45,000 | )
The change in fair value of the investment in a big-data advertisement company |  |  | — |
Fair value of available-for-sale (Level 3) investment as at September 30, 2014 |  |  | 61,380,000 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale (Level 3) investment as at December 31, 2014 |  |  | 62,046,000 |
Investment in Series B Preferred Shares of a big-data advertisement company |  |  | — |
Transfer in and/or out of Level 3 |  |  | — |
Effect of exchange rate change |  |  | 1,510,000 |
The change in fair value of the investment in a big-data advertisement company |  |  | — |
Fair value of available-for-sale (Level 3) investment as at September 30, 2015 |  |  | 63,556,000 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale investment (Level 3) as at September 30, 2015 (US$) |  |  | 10,000,000 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Happy City |
Fair value measurement |
Reconciliation of fair value measurements |
|  | Amount |
|  | RMB |
Fair value of available-for-sale(Level 3) investment as at December 31, 2013 |  |  | 37,358,327 |
Investment in Series A Preferred Shares of Happy City |  |  | — |
Transfer in and/or out of Level 3 |  |  | — |
Effect of exchange rate change |  |  | 112,200 |
The change in fair value of the investment in Happy City |  |  | — |
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale (Level 3) investment as at September 30, 2014 |  |  | 37,470,527 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale (Level 3) investment as at December 31, 2014 |  |  | 35,422,061 |
Investment in Series A Preferred Shares of Happy City |  |  | — |
Transfer in and/or out of Level 3 |  |  | — |
Effect of exchange rate change |  |  | 906,000 |
The change in fair value of the investment in Happy City |  |  | — |
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale (Level 3) investment as at September 30, 2015 |  |  | 36,328,061 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale investment (Level 3) as at September 30, 2015 (US$) |  |  | 5,715,914 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Significant unobservable inputs used in the valuation |
Valuation Technique |  | Unobservable Input |  | Parameter value
Discounted cash flow |  | Weighted average cost of capital ("WACC") |  | 27.67%
|  | Terminal growth rate |  | 3%
|  | Lack of marketability discount ("LoMD") |  | 25%
Option pricing model |  | Time to liquidation |  | 2.67 years
|  | Risk-free rate |  | 1.567%
|  | Expected volatility |  | 45.4%
|  | Probability |  | Liquidation scenario: 50% Redemption scenario: 50%
|  | 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, 2013 |  |  | 56,242,365 |
Investment in Series B Preferred Shares of Dining Secretary |  |  | — |
Transfer in and/or out of Level 3 |  |  | — |
Effect of exchange rate change |  |  | 843,000 |
The change in fair value of the investment in Dining Secretary |  |  | — |
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale (Level 3) investment as at September 30, 2014 |  |  | 57,085,365 |
Fair value of available-for-sale (Level 3) investment as at December 31, 2014 |  |  | 29,046,000 |
Investment in Series B Preferred Shares of Dining Secretary |  |  | — |
Transfer in and/or out of Level 3 |  |  | — |
Effect of exchange rate change |  |  | 1,510,000 |
The change in fair value of the investment in Dining Secretary |  |  | — |
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale (Level 3) investment as at September 30, 2015 |  |  | 30,556,000 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Fair value of available-for-sale investment (Level 3) as at September 30, 2015(US$) |  |  | 4,807,729 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Significant unobservable inputs used in the valuation |
Valuation Technique |  | Unobservable Input |  | Parameter value
Discounted cash flow |  | Weighted average cost of capital ("WACC") |  | 27.94%
|  | Terminal growth rate |  | 3%
|  | Lack of marketability discount ("LoMD") |  | 25%
Option pricing model |  | Time to liquidation |  | 3.01 years
|  | Risk-free rate |  | 4.13%
|  | Expected volatility |  | 41.4%
|  | Probability |  | Liquidation scenario: 45% Redemption scenario: 45% IPO scenario: 10%
|  | Dividend yield |  | Nil

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