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PRINCIPAL ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2017
Acquisitions disclosures  
Summary of Company's major VIEs and VIE's subsidiaries

Name of VIE and VIEs’ subsidiaries

 

Date of establishment/acquisition

 

 

 

Shanghai Ctrip Commerce Co., Ltd. (“Shanghai Ctrip Commerce”)

 

Established on July 18, 2000

Shanghai Huacheng Southwest International Travel Agency Co., Ltd. (“Shanghai Huacheng”, formerly known as Shanghai Huacheng Southwest Travel Agency Co., Ltd.)

 

Established on March 13, 2001

Chengdu Ctrip Travel Agency Co., Ltd. (“Chengdu Ctrip”)

 

Established on January 8, 2007

Beijing Qu Na Information Technology Company Limited (“Qunar Beijing”)

 

Established on March 17, 2006

 

Summary of consolidated balance sheet information of VIEs

 

 

As of December 31,

 

 

 

2016

 

2017

 

 

 

RMB

 

RMB

 

Total assets

 
30,544,580,876

 
21,755,512,736

 

Less: Inter-company receivables

 
(2,050,819,348

)
(1,569,895,648

)

 

 

 

 

 

 

Total assets excluding inter-company

 
28,493,761,528

 
20,185,617,088

 

 

 

 

 

 

 

Total liabilities

 
29,101,732,239

 
19,282,345,546

 

 

 

 

 

 

 

Less: Inter-company payables

 
(15,904,065,265

)
(12,114,432,077

)

 

 

 

 

 

 

Total liabilities excluding inter-company

 
13,197,666,974

 
7,167,913,469

 

 

 

 

 

 

 

 

Summary of consolidated results of operations information of VIEs

 

 

For the year ended December 31,

 

 

 

2015

 

2016

 

2017

 

 

 

RMB

 

RMB

 

RMB

 

Net revenues

 
6,384,556,234

 
8,706,139,377

 
8,237,250,837

 

Cost of revenues

 
1,983,511,461

 
2,442,997,433

 
2,489,892,564

 

Net income / (loss)

 
(73,523,163

)
100,653,423

 
863,231,207

 

 

Summary of consolidated results of cash flows information of VIEs

 

 

For the year ended December 31,

 

 

 

2015

 

2016

 

2017

 

 

 

RMB

 

RMB

 

RMB

 

Net cash provided by operating activities

 
160,298,446

 
7,190,925,721

 
1,232,432,873

 

Net cash used in investing activities

 

—

 

—

 

—

 

Net cash provided by financing activities

 

—

 

—

 

—

 

 

Schedule of property, equipment and software estimated useful lives

Building

 

30-40 years

Leasehold improvements

 

Lesser of the term of the lease or the estimated useful lives of the assets

Website-related equipment

 

5 years

Computer equipment

 

3-5 years

Furniture and fixtures

 

3-5 years

Software

 

3-5 years

 

Allowance for doubtful accounts

 

 

2015

 

2016

 

2017

 

 

 

RMB

 

RMB

 

RMB

 

Balance at beginning of year

 
14,707,184

 
38,237,658

 
58,841,826

 

Provision for doubtful accounts

 
32,080,786

 
32,339,617

 
97,944,278

 

Write-offs

 
(8,550,312

)
(11,735,449

)
(28,064,747

)

 

 

 

 

 

 

 

 

Balance at end of period

 
38,237,658

 
58,841,826

 
128,721,357

 

 

 

 

 

 

 

 

 

 

Company's share option activity under all the incentive plans

 

The following table summarized the Company’s share option activity under all the option plans, which has reflected the effect of the Exchange of Qunar Share Incentive Plans (in US$, except shares):

 

 

Number of
Shares

 

Weighted
Average
Exercise
Price

 

Weighted
Average
Remaining
Contractual
Life (Years)

 

Aggregate
Intrinsic Value

 

Outstanding at December 31, 2014

 
4,972,178

 
101.03

 
5.17

 
405,399,251

 

 

 

 

 

 

 

 

 

 

 

Granted

 
625,006

 
247.91

 

 

 

 

 

Exercised

 
(506,163)

 
65.65

 

 

 

 

 

Forfeited

 
(85,560)

 
156.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2015

 
5,005,461

 
122.00

 
4.77

 
1,244,544,670

 

 

 

 

 

 

 

 

 

 

 

Granted

 
937,002

 
322.20

 

 

 

 

 

Exercised

 
(368,722

)
80.70

 

 

 

 

 

Forfeited

 
(41,226

)
199.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2016

 
5,532,515

 
157.82

 
4.54

 
899,966,907

 

 

 

 

 

 

 

 

 

 

 

Granted (including grants in exchange for Qunar options )

 
631,166

 
43.03

 

 

 

 

 

Exercised

 
(1,353,697

)
68.95

 

 

 

 

 

Forfeited

 
(99,226

)
133.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2017

 
4,710,758

 
168.80

 
4.72

 
866,781,417

 

 

 

 

 

 

 

 

 

 

 

Vested and expect to vest at December 31, 2017

 
4,570,018

 
167.40

 
4.67

 
847,267,373

 

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2017

 
2,951,517

 
141.77

 
3.78

 
622,855,872

 

 

 

 

 

 

 

 

 

 

 

 

Information related to outstanding and exercisable options

The following table summarizes information related to outstanding and exercisable options as of December 31, 2017 (in US$, except shares):

 

 

Outstanding

 

Exercisable

 

Range of
Exercise Prices

 

Number of
shares

 

Weighted-Average
Exercise Price

 

Weighted-average
Remaining
Contractual
Life (Years)

 

Number of
shares

 

Weighted-Average
Exercise Price

 

Weighted-average
Remaining
Contractual
Life (Years)

 

0.00-100.00

 
1,671,410

 
61.24

 
3.90

 
1,306,991

 
78.31

 
2.93

 

100.01-200.00

 
1,460,228

 
155.54

 
3.84

 
1,128,628

 
151.22

 
3.67

 

200.01-300.00

 
664,262

 
253.65

 
5.72

 
299,221

 
250.70

 
5.69

 

300.01-400.00

 
914,858

 
324.87

 
6.88

 
216,677

 
324.92

 
6.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
4,710,758

 

 

 

 

 
2,951,517

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assumptions of Black-Scholes pricing model

 

 

2015

 

2016

 

2017

 

Risk-free interest rate

 

1.35%-1.59%

 

1.16%-1.66%

 

1.73%-1.94%

 

Expected life (years)

 
5.0

 
5.0

 
5.0

 

Expected dividend yield

 
0%

 
0%

 
0%

 

Volatility

 

49%-50%

 

48%-51%

 

46%-48%

 

Fair value of options at grant date per share

 

from US$105.16

 

from US$133.85

 

from US$142.29

 

 

 

to US$112.76

 

to US$141.72

 

to US$430.87

 

 

Schedule of restricted share activities under all incentive plans

 

The following table summarized the Company’s RSUs activities under all incentive plans (in US$, except shares):

 

 

 

 

Weighted

 

 

 

 

 

average grant

 

 

 

Number of

 

date fair

 

 

 

Shares

 

value(US$)

 

Restricted shares

 

 

 

 

 

Unvested at December 31, 2014

 
1,058,608

 
158.55

 

 

 

 

 

 

 

Granted

 
229,603

 
249.31

 

Vested

 
(271,683

)
129.21

 

Forfeited

 
(151,120

)
181.47

 

 

 

 

 

 

 

Unvested at December 31, 2015

 
865,408

 
185.17

 

 

 

 

 

 

 

Granted

 
1,183,094

 
301.62

 

Vested

 
(492,825

)
223.00

 

Forfeited

 
(93,438

)
237.69

 

 

 

 

 

 

 

Unvested at December 31, 2016

 
1,462,239

 
263.28

 

 

 

 

 

 

 

Granted

 
15,664

 
323.92

 

Vested

 
(285,375

)
191.21

 

Forfeited

 
(96,806

)
274.71

 

 

 

 

 

 

 

Unvested at December 31, 2017

 
1,095,722

 
281.91

 

 

 

 

 

 

 

 

Summary of components of other income

 

 

2015

 

2016

 

2017

 

 

 

RMB

 

RMB

 

RMB

 

Gain on disposal of cost method investment (Note 8)

 

—

 
149,066,258

 
1,374,462,407

 

Foreign exchange gains/(losses)

 
12,638,982

 
(557,995,284

)
468,671,832

 

Subsidy income

 
199,418,778

 
220,631,285

 
263,538,347

 

Gain on disposal of available-for-sale investment (Note 8)

 

—

 
140,651,759

 
39,951,298

 

Dividends from long-term investment

 

—

 
48,911,066

 
46,550,230

 

Gain on disposal of a subsidiary

 

—

 

—

 
11,412,387

 

Gain on deconsolidation of subsidiaries

 
2,294,451,702

 
252,000

 

—

 

Impairments of cost method investments

 

—

 
(11,628,980

)
(139,271,481

)

Impairments of available-for-sale investments

 

—

 
(36,357,902

)
(271,707,804

)

Provision/impairment for an equity method investment (Note 8 and Note 13)

 

—

 

—

 
(967,395,005

)

Others

 
(25,529,632

)
19,621,511

 
52,785,926

 

 

 

 

 

 

 

 

 

Total

 
2,480,979,830

 
(26,848,287

)
878,998,137

 

 

 

 

 

 

 

 

 

 

Qunar  
Acquisitions disclosures  
Summary of fair value of acquisition cost

 

 

RMB

 

US$

 

Fair value of previously held equity interest (1)

 
21,698,582,100

 
3,416,184,974

 

Consideration paid in December 2015

 
10,842,783,275

 
1,687,067,570

 

 

 

 

 

 

 

Total purchase cost

 
32,541,365,375

 
5,103,252,544

 

 

 

 

 

 

 

 

(1)

Which represents fair value of purchase consideration for the initial equity method investment in October 2015
Schedule of pro forma results

In thousands

 

2015

 

 

 

RMB

 

Pro-forma net revenues

 
14,812,533

 

Pro-forma net loss

 
(5,086,934

)