Investments (Tables)

12 Months Ended

Dec. 31, 2018

	December 31,
	2017		2018
	RMB		RMB

Equity investments accounted for using the equity method (i)		309,241		378,378
Equity investments with readily determinable fair values (ii)		138,251		238,915
Equity investments without readily determinable fair values (iii)		703,566		3,974,231
Available-for-sale debt securities		1,961		-

Total		1,153,019		4,591,524

(i)

In 2017 and 2018, the Group acquired minority stake of a number of privately-held entities with total consideration of RMB21,740 and RMB14,277, respectively. Investments have been accounted for under the equity method where the Group has significant influence on these investments and the investments are considered as in-substance ordinary shares.

(ii)

In 2018, the Group made an investment in a third party investment fund with total consideration of RMB204,499. The Group does not have the ability to exercise significant influence over the investment. Therefore, it has been precluded from applying the equity method of accounting.

In 2018, fair value loss of RMB113,677

related to investments with readily determinable fair values was recognized in gain on fair value changes of investments, all of which was unrealized.

(iii)

Equity securities without readily determinable fair values and over which the Company has neither significant influence nor control through investments in common stock or in-substance common stock.

In 2017 and 2018, the Group acquired minority preffered shares or ordinary shares of a number of privately-held entities with total consideration of

RMB301,848 and RMB2,118,648,

respectively. The ownship interests were less than 20% of the investees’ total equities. The Company has neither significant influence nor control in these investees. These equity investments are not considered as debt securities or equity securities that have readily determinable fair values. Accordingly the Company elected to account for these investments at cost less impairments, adjusted by observable price changes.