Segment information of the Group’s business is as follow:


	Years Ended December 31, 2012
	Wealth Management Business			Assets Management Business			Internet Finance Business		Total
	$			$			$
Revenues:
One-time commissions		39,486,943			—			—		39,486,943
Recurring service fees		25,062,455			259,527			—		25,321,982
Other service fees		971,923			—			—		971,923

Total third-party revenues		65,521,321			259,527			—		65,780,848
One-time commissions		9,392,131			—			—		9,392,131
Recurring service fees		12,612,020			3,978,573			—		16,590,593
Other service fees		—			—			—		—


Total related party revenues		22,004,151			3,978,573			—		25,982,724
Total revenues		87,525,472			4,238,100			—		91,763,572
Less: business taxes and related surcharges		(4,833,186	)		(234,880	)		—		(5,068,066	)
Net revenues		82,692,286			4,003,220			—		86,695,506
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(17,551,483	)		—			—		(17,551,483	)
Performance Fee Compensation		—			—			—		—
Other Compensations		(22,810,897	)		(2,012,549	)		—		(24,823,446	)
Total compensation and benefits		(40,362,380	)		(2,012,549	)		—		(42,374,929	)
Selling expenses		(13,407,087	)		(42,334	)		—		(13,449,421	)
General and administrative expenses		(8,385,882	)		(515,448	)		—		(8,901,330	)
Other operating expenses		(414,959	)		(4,863	)		—		(419,822	)
Government subsidies		4,295,029			—			—		4,295,029
Total operating cost and expenses		(58,275,279	)		(2,575,194	)		—		(60,850,473	)
Income from operations		24,417,007			1,428,026			—		25,845,033


	Years Ended December 31, 2013
	Wealth Management Business			Assets Management Business			Internet Finance Business		Total
	$			$			$
Revenues:
One-time commissions		57,760,283			212,326			—		57,972,609
Recurring service fees		28,434,140			4,517,205			—		32,951,345
Other service fees		4,944,510			120,603			—		5,065,113

Total third-party revenues		91,138,933			4,850,134			—		95,989,067
One-time commissions		20,404,683			436,911			—		20,841,594
Recurring service fees		37,492,722			18,015,713			—		55,508,435
Other service fees		190,912			788,927			—		979,839

Total related party revenues		58,088,317			19,241,551			—		77,329,868
Total revenues		149,227,250			24,091,685			—		173,318,935
Less: business taxes and related surcharges		(8,237,942	)		(1,309,160	)		—		(9,547,102	)
Net revenues		140,989,308			22,782,525			—		163,771,833
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(33,362,053	)		(74,813	)		—		(33,436,866	)
Performance Fee Compensation		—			—			—		—
Other Compensations		(31,077,968	)		(8,528,786	)		—		(39,606,754	)
Total compensation and benefits		(64,440,021	)		(8,603,599	)		—		(73,043,620	)
Selling expenses		(15,117,644	)		(1,542,400	)		—		(16,660,044	)
General and administrative expenses		(14,037,239	)		(4,049,945	)		—		(18,087,184	)
Other operating expenses		(694,460	)		(39,840	)		—		(734,300	)
Government subsidies		4,997,145			326,525			—		5,323,670
Total operating cost and expenses		(89,292,219	)		(13,909,259	)		—		(103,201,478	)
Income from operations		51,697,089			8,873,266			—		60,570,355


	Years Ended December 31, 2014
	Wealth Management Business			Assets Management Business			Internet Finance Business			Total
	$			$			$
Revenues:
One-time commissions		68,698,354			—			—			68,698,354
Recurring service fees		39,462,923			12,429,215			—			51,892,138
Other service fees		3,491,867			2,655,721			2,716,889			8,864,477

Total third-party revenues		111,653,144			15,084,936			2,716,889			129,454,969
One-time commissions		29,322,581			—			—			29,322,581
Recurring service fees		55,589,582			35,291,220			4,867			90,885,669
Other service fees		407,565			12,038,725			139,052			12,585,342

Total related party revenues		85,319,728			47,329,945			143,919			132,793,592
Total revenues		196,972,872			62,414,881			2,860,808			262,248,561
Less: business taxes and related surcharges		(11,129,939	)		(3,127,877	)		(122,653	)		(14,380,469	)
Net revenues		185,842,933			59,287,004			2,738,155			247,868,092
Operating cost and expenses:
Compensation and benefits
Relationship Manager Compensation		(51,843,587	)		(38,246	)		(365,110	)		(52,246,943	)
Performance Fee Compensation		—			(3,536,240	)		—			(3,536,240	)
Other Compensations		(34,851,929	)		(20,282,224	)		(8,692,736	)		(63,826,889	)
Total compensation and benefits		(86,695,516	)		(23,856,710	)		(9,057,846	)		(119,610,072	)
Selling expenses		(21,951,311	)		(1,583,422	)		(361,887	)		(23,896,620	)
General and administrative expenses		(12,117,434	)		(9,755,093	)		(2,739,353	)		(24,611,880	)
Other operating expenses		(3,836,816	)		(272,047	)		(752,837	)		(4,861,700	)
Government subsidies		10,943,240			3,844,512			4,390			14,792,142
Total operating cost and expenses		(113,657,837	)		(31,622,760	)		(12,907,533	)		(158,188,130	)
Income from operations		72,185,096			27,664,244			(10,169,378	)		89,679,962