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Investments | 12 Months Ended
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Dec. 31, 2019
Investments |
Investments | 5. Investments The following table summarizes the Group’s investment balances: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | (Amount in Thousands)
​ |  | 2018 |  | 2019 |  | 2019
​ | ​ | RMB | ​ | RMB | ​ | US$
Short-term investments |  |  |  |  |  |
- Held-to-maturity investments |  |  |  |  |  |
- Fixed income products |  | 12,400 |  | 28,500 | ​ | 4,094
Total held-to-maturity investments |  | 12,400 |  | 28,500 | ​ | 4,094
- Available-for-sale investments |  |  |  |  |  |
- Fixed income products |  | 42,148 |  | — |  | —
Total available-for-sale investments |  | 42,148 |  | — |  | —
Total Investments held by consolidated investment funds |  | 395,929 |  | 642,759 | ​ | 92,326
Total short-term investments |  | 450,477 |  | 671,259 | ​ | 96,420
Long-term investments |  |  |  |  |  |
- Held-to-maturity investments |  |  |  |  |  |
- Fixed income products |  | 121,671 |  | 36,816 | ​ | 5,288
Total held-to-maturity investments |  | 121,671 |  | 36,816 | ​ | 5,288
- Available-for-sale investments |  |  |  |  |  |
- Fixed income product |  | 139,994 |  | 15,081 | ​ | 2,167
Total available-for-sale investments |  | 139,994 |  | 15,081 | ​ | 2,167
- Other long-term investments |  |  |  |  |  |
- Investments measured at fair value |  | 374,612 |  | 255,967 | ​ | 36,767
- Investments measured at cost less impairment |  |  |  |  |  |
- Private equity funds products |  | 138,149 |  | 105,614 | ​ | 15,171
- Other investments measured at cost less impairment |  | 141,200 |  | 207,302 | ​ | 29,777
Total other long-term investments |  | 653,961 |  | 568,883 | ​ | 81,715
Total Investments held by consolidated investment funds |  | 109,439 |  | 260,311 | ​ | 37,391
Total long-term investments |  | 1,025,065 |  | 881,091 | ​ | 126,561
Total investments |  | 1,475,542 |  | 1,552,350 | ​ | 222,981
​ Held-to-maturity investments consist of investments in fixed income products managed by the Group that have stated maturity and normally pay a prospective fixed rate of return, carried at amortized cost. The Group recorded investment income on these products of RMB22,090, RMB19,740 and RMB5,711 for the years ended December 31, 2017, 2018 and 2019, respectively. The gross unrecognized holding gain was RMB5,863 and RMB4,565 as of December 31, 2018 and 2019. Of the long-term held-to-maturity investments, RMB36,816 will mature in 2021. Based on periodical assessment on other-than-temporary impairment, for certain held -to-maturity investments, the Group considered that the collection is not probable due to credit deterioration of the underlying investments, and concluded that other-than-temporary impairments have resulted since the second quarter of 2019. The other-than-temporary impairment losses was RMB104,365 and recorded in investment income (loss) for the year ended December 31, 2019. No impairment losses were recognized for the years ended December 31, 2018 and 2017. Available-for-sale investments consist of investments in fixed income products and other products that have stated maturity and normally pay a prospective fixed rate of return, carried at fair value. On January 1, 2018, upon adoption of ASU 2016-01, the Group recorded a cumulative effect adjustment from other comprehensive income to retained earnings of RMB251.6 million (US $36.1 million), net of tax, for the unrealized gains related to equity securities previously classified as available-for-sale investments. Changes in fair value of the available-for-sale investments, net of tax, for the years ended December 31, 2018 and 2019 was RMB9,314 and RMB4,306, recorded in the other comprehensive income, of which RMB9,663 and RMB5,103 was realized and reclassified from other comprehensive income to investment income in the consolidated statements of operations during the year. The amortized cost of the available-for-sale investments as of December 31, 2018 and 2019 was RMB182,142 and RMB15,081, respectively. There’s no investment with realized or unrealized losses during the periods presented. The consolidated investment funds are, for GAAP purposes, investment companies and reflect their investments at fair value. The Group has retained this specialized accounting for the consolidated funds in consolidation. Accordingly, the unrealized gains and losses resulting from changes in fair value of the investments held by the consolidated investment funds are recorded in the consolidated statements of operations as investment income. Other long-term investments consist of investments in several private equity funds as a limited partner with insignificant equity interest, equity investments of common shares of several companies with less than 20% interest. The Group elects to measure these investments at fair value or at cost, less impairment.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI http://asc.fasb.org/topic&trid=75115024 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI http://asc.fasb.org/topic&trid=2197064 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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