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FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

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
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		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
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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
​	​	​	​	​
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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
​	​	​	​	​
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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
​	​	​	​	​
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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
​	​	​	​	​
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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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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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
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