22.

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

CONDENSED BALANCE SHEETS


	December 31,
	2012		2013
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents		—		630,670		104,179
Prepaid expenses and other current assets		—		187		31
Due from subsidiaries		—		11,771		1,945

Total current assets		—		642,628		106,155
Non-current assets:
Investment in subsidiaries		1,573,927		1,818,025		300,316

Total non-current assets		1,573,927		1,818,025		300,316

Total assets		1,573,927		2,460,653		406,471

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accrued expenses and other payables		14,450		20,707		3,421
Payable for repurchase of common stock		—		227,015		37,500
Due to subsidiaries		1,833		—		—
Due to related parties		—		567		94

Total current liabilities		16,283		248,289		41,015

Total liabilities		16,283		248,289		41,015

Commitments and Contingencies
Shareholders’ equity:
Ordinary shares(par value of US$0.01 per share; 100,000,000,000 shares authorized; 100,000,000 and nil shares issued and outstanding as of December 31, 2012 and 2013, respectively)		6,867		—		—
Class A ordinary shares(par value of US$0.01 per share; 99,931,211,060 shares authorized; nil and 36,347,496 shares issued and outstanding as of December 31, 2012 and 2013, respectively)		—		2,472		408
Class B ordinary shares(par value US$0.01 per share; 68,788,940 shares authorized; nil and 68,788,940 shares issued and outstanding as of December 31, 2012 and 2013, respectively)		—		4,677		773
Additional paid-in capital		1,128,314		1,949,013		321,954
Accumulated other comprehensive income		252		1,986		328
Retained earnings		422,211		254,216		41,993

Total shareholders’ equity		1,557,644		2,212,364		365,456

Total liabilities and shareholders’ equity		1,573,927		2,460,653		406,471

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME


	Year ended December 31,
	2011			2012			2013
	RMB			RMB			RMB			US$
Operating expenses:
General and administrative expenses		(1,897	)		(14,638	)		(1,125	)		(186	)

Operating losses		(1,897	)		(14,638	)		(1,125	)		(186	)
Equity in income of subsidiaries		133,161			227,519			457,287			75,538

Income before income taxes		131,264			212,881			456,162			75,352
Income tax expense		—			—			—			—

Net income		131,264			212,881			456,162			75,352

Other comprehensive income, net of tax of nil
Foreign currency translation adjustments		—			252			1,734			286

Comprehensive income		131,264			213,133			457,896			75,638

CONDENSED STATEMENTS OF CASH FLOWS


	Year ended December 31,
	2011		2012		2013
	RMB		RMB		RMB			US$
Net cash used in operating activities		—		—		(3,294	)		(544	)

Net cash generated from financing activities		—		—		632,865			104,541

Effect of exchange rate changes on cash and cash equivalents		—		—		1,099			182

Net increase in cash and cash equivalents		—		—		630,670			104,179
Cash and cash equivalents at beginning of year		—		—		—			—

Cash and cash equivalents at end of year		—		—		630,670			104,179

(a) Basis of accounting

For the Company only condensed financial information, the Company records its investment in its subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323-10, Investments-Equity Method and Joint Ventures: Overall. Such investment is presented on the condensed balance sheets as “Investment in subsidiaries” and share of their income as “Equity in income of subsidiaries” on the condensed statements of comprehensive income. The parent company’s condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.

(b) Commitments

The Company does not have any significant commitments or long-term obligations as of any of the years presented.