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FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

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

X

- 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

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-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

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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

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-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

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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

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

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