Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Company's Employee Share Option Activity

The following table summarizes the Company’s employee share option activity under the share option plans:


	Number of options			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual term		Aggregate intrinsic value
				US$		US$		Years		US$

Outstanding, January 1, 2014		7,665,500			2.20		2.65		7.74		263,617
Granted		177,600			2.20		34.57
Exercised		(2,939,863	)		2.20
Forfeited		(35,000	)		2.20

Outstanding, December 31, 2014		4,868,237			2.20		3.77		6.89		166,299

Vested and expected to vest at December 31, 2014		4,818,877			2.20		3.73		6.87		164,613


Exercisable as of December 31, 2014		2,149,037			2.20		2.52		6.53		73,411

Schedule of Restricted Shares Activity

Restricted shares activity for the year ended December 31, 2014 was as follows:


	Numbers of shares			Weighted average grant date fair value
				US$

Outstanding, January 1, 2014		400,000			12.38
Granted		507,063			37.30
Vested		(101,063	)		12.64
Forfeited		(11,000	)

Outstanding, December 31, 2014		795,000			27.87

Expected to vest, December 31, 2014		795,000			27.87

Schedule of Estimated Fair Value of Share-Based Awards on Respective Grant Dates using Binomial Option Pricing Model

The Company calculated the estimated fair value of the share-based awards on the respective grant dates using the binomial option pricing model with the following assumptions:


	2012	2013	2014

Fair value of ordinary share	US$3.70	US$4.58-US$11.64	US$36.62
Risk-free interest rates	1.73%	2.07%-2.60%	2.909%
Expected exercise multiple	2.2	2.2	2.2
Expected volatility	60.40%	53.70%-55.49%	53.5%
Expected dividend yield	0.00%	0.00%	0.00%
Weighted average fair value per option granted	US$2.36	US$3.03-US$9.69	US$34.52-US$34.59

Schedule of Share-Based Compensation Expenses

Share-based compensation expenses relating to options granted to employees recognized for the year ended December 31, 2014 is as follows:


	Year ended December 31,
	2012		2013		2014
	RMB		RMB		RMB		US$

Cost of revenues		6,553		6,534		8,048		1,298
Sales and marketing expenses		4,177		4,375		14,644		2,360
General and administrative expenses		15,734		11,738		20,557		3,313
Product development expenses		2,678		2,961		13,417		2,162

		29,142		25,608		56,666		9,133

Employees and Directors [Member]

Summary of Company's Employee Share Option Activity

The following table summarizes the options granted to employees and directors during the years ended December 31, 2012, 2013 and 2014.

Grant Date

Contractual Terms

Number of Awards

Exercise Price (US$)

Vesting Schedule

July 1, 2012

10 years

120,000

2.20

(a)

May 27, 2013

10 years

560,000

2.20

(b)

October 22, 2013

10 years

78,000

2.20

(b)

October 22, 2013

10 years

150,000

2.20

(c)

January 16, 2014

10 years

57,600

2.20

(d)

January 16, 2014

10 years

120,000

2.20

(e)

As of December 31, 2014, share-based awards to purchase 5,663,237 Class A ordinary shares were outstanding and share-based awards to purchase 2,488,937 Class A ordinary shares were available for future grant under the 2011 Plan and 2013 Plan, respectively.

(a)	25% of the awards have vested on each of July 1, 2013 and 2014 and the remainder of the awards will vest on an annual basis each July 1, thereafter, until July 1, 2016.

(b)	25% of the awards have vested on January 1, 2014 and the remainder of the awards will vest on an annual basis each January 1, thereafter, until January 1, 2017.

(c)	25% of the awards have vested on July 1, 2014 and the remainder of the awards will vest on an annual basis each July 1, thereafter, until July 1, 2017.

(d)	25% of the awards have vested on January 16, 2014 and the remainder of the awards will vest on an annual basis each January 16, thereafter, until January 16, 2017.

(e)	25% of the awards will vest on January 1, 2015 and the remainder of the awards will vest on an annual basis each January 1, thereafter, until January 1, 2018.

Employees [Member]

Schedule of Restricted Shares Activity

The following table summarizes the restricted shares granted till December 31, 2014.


Grant Date	Vesting Schedule	Number of Awards		Fair Value per Share at the Grant date (US$)
November 4, 2013	(a)		400,000		12.38
May 8, 2014	(b)		100,000		29.00
October 9, 2014	(c)		406,000		39.35
December 9, 2014	(d)		1,063		36.71

(a)	25% of the awards have vested on September 29, 2014 and the remainder of the awards will vest on an annual basis each September 29, thereafter, until September 29, 2017.

(b)	The restricted shares granted on May 8, 2014 will vest over a period of approximately four years, with 25% of the awards vesting on various dates ranging from March 14, 2015 to May 13, 2015, and the remainder of the awards vesting on an annual basis thereafter, until 2018.

(c)	The restricted shares granted on October 9, 2014 will vest over a period of approximately four years, with 25% of the awards vesting on various dates ranging from January 1, 2015 to October 1, 2015, and the remainder of the awards vesting on an annual basis thereafter, until 2018.

(d)	The restricted shares granted on December 9, 2014 fully vested on the grant date.