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FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended
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Dec. 31, 2017
FAIR VALUE MEASUREMENT |
Schedule of fair value assets measured on recurring basis |
|  | Fair Value Measurement at December 31, 2017 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, 2017 |
|  | RMB |  | RMB |  | RMB |  | RMB |  | US$ |
Financial products |  | — |  | 26,891,722,845 |  | — |  | 26,891,722,845 |  | 4,133,182,123 |
Time deposits |  | — |  | 148,992,785 |  | — |  | 148,992,785 |  | 22,899,772 |
Available-for-sale investments |  |  |  |  |  |  |  |  |  |  |
Listed equity securities |  | 12,435,201,698 |  | — |  | — |  | 12,435,201,698 |  | 1,911,255,506 |
Unlisted debt securities |  | — |  | 409,735,616 |  | 5,707,503,171 |  | 6,117,238,787 |  | 940,202,386 |
Total |  | 12,435,201,698 |  | 27,450,451,246 |  | 5,707,503,171 |  | 45,593,156,115 |  | 7,007,539,787 |
|  | Fair Value Measurement at December 31, 2016 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, 2016 |
|  | RMB |  | RMB |  | RMB |  | RMB |  | US$ |
Financial products |  | — |  | 8,414,292,445 |  | — |  | 8,414,292,445 |  | 1,211,910,189 |
Time deposits |  | — |  | 6,758,382,572 |  | — |  | 6,758,382,572 |  | 973,409,560 |
Available-for-sale investments |  |  |  |  |  |  |  |  |  |  |
Listed equity securities |  | 7,661,880,397 |  | — |  | — |  | 7,661,880,397 |  | 1,103,540,314 |
Unlisted debt securities |  | — |  | — |  | 6,805,596,210 |  | 6,805,596,210 |  | 980,209,738 |
Total |  | 7,661,880,397 |  | 15,172,675,017 |  | 6,805,596,210 |  | 29,640,151,624 |  | 4,269,069,801 |
Schedule of roll forward of major Level 3 investments |
|  | Total |
|  | RMB |
Fair value of Level 3 investment as at December 31, 2015 |  | 5,466,103,304 |
Transfer in and/or out of Level 3 |  | 1,587,400,415 |
Disposal of investment |  | (317,261,674 | )
Effect of exchange rate change |  | 325,391,864 |
Other than temporary impairment |  | (36,357,902 | )
The change in fair value of the investment |  | (219,679,797 | )
Fair value of Level 3 investment as at December 31, 2016 |  | 6,805,596,210 |
Transfer in and/or out of Level 3 |  | (1,755,271,349 | )
New addition |  | 455,441,000 |
Disposal of investment |  | (16,916,380 | )
Effect of exchange rate change |  | (193,579,698 | )
Other than temporary impairment |  | (155,500,570 | )
The change in fair value of the investment |  | 567,733,958 |
Fair value of Level 3 investment as at December 31, 2017 |  | 5,707,503,171 |
Schedule of significant unobservable inputs adopted in the valuation |
Unobservable Input |  |  |
Weighted average cost of capital |  | 14.5%~17% |
Lack of marketability discount |  | 10%~15% |
Risk-free rate |  | 1.8%~3.5% |
Expected volatility |  | 32.94%~38% |
Probability |  | Liquidation scenario: 20%~70% Redemption scenario: 20%~30% IPO scenario: 30%~60% |
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 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: 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=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- 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 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: 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=66048111&loc=d3e19279-110258 + Details
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- 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=66048111&loc=d3e19207-110258 + Details
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