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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Measurement

Schedule of fair value measurements assets and liabilities

​

​	​	​	​	​	​	​	​	​
​	​	​	​	Fair Value Measurements at Reporting Date Using
​	​	​	​	(Amount in Thousands)
​		​		Quoted Prices		​		​
​	​	​	​	in Active	​	Significant	​	​
​	​	​	​	Markets for	​	Other	​	Significant
​	​	As of	​	Identical	​	Observable	​	Unobservable
​	​	December 31,	​	Assets	​	Inputs	​	Inputs
Description	​	2018	​	(Level 1)	​	(Level 2)	​	(Level 3)
​	​	RMB	​	RMB	​	RMB	​	RMB
Short-term investments
Available-for-sale investments		42,148		—		42,148		—
Investments held by consolidated investment fund		395,929		—		395,929		—
Long-term investments
Available-for-sale investments		139,994		—		139,994		—
Investments held by consolidated investment fund		109,439		—		109,439		—
Other long-term investments measured at fair value		374,612		157,855		216,757		—

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Fair Value Measurements at Reporting Date Using
​	​	​	​	(Amount in Thousands)
​		​		Quoted Prices		​		​	​	​
​	​	​	​	in Active	​	Significant	​	​	​	​
​	​	​	​	Markets for	​	Other	​	Significant	​	​
​	​	As of	​	Identical	​	Observable	​	Unobservable	​	​
​	​	December 31,	​	Assets	​	Inputs	​	Inputs	​	NAV
Description	​	2019	​	(Level 1)	​	(Level 2)	​	(Level 3)	​	​
​	​	RMB	​	RMB	​	RMB	​	RMB	​	RMB
Short-term investments									​	​
Investments held by consolidated investment funds		642,759	​	—	​	642,759	​	—	​	—
Long-term investments		​	​	​	​	​	​	​	​	​
Available-for-sale investments		15,081	​	—	​	15,081	​	—	​	—
Investments held by consolidated investment fund		260,311	​	—	​	260,311	​	—	​	—
Other long-term investments measured at fair value		255,967	​	7,968	​	—	​	219,679	​	28,320

Schedule of Investments Measured at Fair Value Using Significant Unobservable Inputs (Level3)

A reconciliation of the beginning and ending balances of the investments measured at fair value using significant unobservable inputs (Level 3) for the year ended December 31, 2019, presented as follows:

​

​	​	​	​	​
​		RMB		US$
​	​	(Amount in Thousands)
Beginning balance of investments, at fair value		—		—
Transfer of investments in fair value hierarchy from Level 2 to Level 3		193,105		27,738
Measurement approach change from measurement alternative to fair value measurement	​	35,176	​	5,053
Disposal of portfolio investments		(14,109)		(2,027)
Changes in gains included in investment income (loss)		5,507		791
Ending balance of investments, at fair value		219,679		31,555
Changes in net unrealized gains included in investment income (loss) related to Level 3 investments still held as of December 31, 2019	​	878	​	126

Schedule of fair value measurements long term financial instruments

As of December 31, 2018 and 2019, information about inputs into the fair value measurements of the Group’s long-term financial instruments that are not reported at fair value on balance sheet is as following:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Fair Value Measurements at Reporting Date Using
​	​	​	​	​	​	(Amount in Thousands)
​	​	​	​	​	​	Quoted Prices	​	​	​	​
​	​	​	​	​	​	in Active	​	Significant	​	​
​	​	​	​	​	​	Markets for	​	Other	​	Significant
​	​	​	​	​	​	Identical	​	Observable	​	Unobservable
​	​	As of December 31, 2018			​	Assets	​	Inputs	​	Inputs
Description	​	Carrying Value	​	Fair Value	​	(Level 1)	​	(Level 2)	​	(Level 3)
​		RMB		RMB		RMB		RMB		RMB
Long-term investments – held-to-maturity:
Investment in fixed income products		121,671	​	144,086	​	—	​	144,086	​	—

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Fair Value Measurements at Reporting Date Using
​	​	​	​	​	​	(Amount in Thousands)
​	​	​	​	​	​	Quoted Prices	​	​	​	​
​	​	​	​	​	​	in Active	​	Significant	​	​
​	​	​	​	​	​	Markets for	​	Other	​	Significant
​	​	​	​	​	​	Identical	​	Observable	​	Unobservable
​	​	As of December 31, 2019			​	Assets	​	Inputs	​	Inputs
Description	​	Carrying Value	​	Fair Value	​	(Level 1)	​	(Level 2)	​	(Level 3)
​		RMB		RMB		RMB		RMB		RMB
Long-term investments – held-to-maturity:
Investment in fixed income products		36,816	​	41,062	​	—	​	41,062	​	—

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
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-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
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-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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