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Investments in Affiliates | 12 Months Ended
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Dec. 31, 2021
Investments in Affiliates |
Investments in Affiliates | 6. Investments in Affiliates The following table summarizes the Group’s balances of investments in affiliates: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | (Amount in Thousands)
​ | ​ | 2020 | ​ | 2021 | ​ | 2021
​ |  | RMB |  | RMB |  | US$
Kunshan Jingzhao |  | 8,797 |  | 8,480 | ​ | 1,331
Wanjia Win-Win |  | 96,629 |  | 93,223 | ​ | 14,629
Others |  | 5,967 |  | 10,780 | ​ | 1,692
Funds that the Group serves as general partner |  | 1,153,292 |  | 1,289,600 | ​ | 202,365
-Gopher Transform Private Fund |  | 108,582 |  | 108,385 | ​ | 17,008
-Real estate funds and real estate funds of funds |  | 43,686 |  | 36,033 | ​ | 5,654
-Private equity funds of funds |  | 988,069 |  | 1,133,336 | ​ | 177,845
-Others |  | 12,955 |  | 11,846 | ​ | 1,858
Total investments in affiliates |  | 1,264,685 |  | 1,402,083 | ​ | 220,017
​ In May 2011, the Group injected RMB4.0 million into Kunshan Jingzhao Equity Investment Management Co., Ltd (“Kunshan Jingzhao”), a newly setup joint venture, for 40% of the equity interest. Kunshan Jingzhao principally engages in real estate fund management business. In February 2013, Gopher Asset Management injected RMB21.0 million into Wanjia Win-Win Assets Management Co., Ltd (“Wanjia Win-Win”), a newly setup joint venture, for 35% of the equity interest. Wanjia Win-Win principally engages in wealth management plan management business. In December 2017, the share owned by the Group had been diluted to 28%. In the fourth quarter of 2016, the Group injected RMB150 million into Gopher Transformation Private Fund, which accounted for 48% of total actual distribution volume. The fund principally invested in a limited partnership to invest one real-estate company. Although managed by Gopher, the fund are not consolidated by the Group based on the fact that substantive kick-out rights exist which are exercisable by a simple-majority of non-related limited partners of the fund to dissolve (liquidate) the fund or remove the Group as the general partner of the fund without cause. In the year 2017, due to capital subscription by limited partners, the equity interest owned by the Group had been diluted to 35%. For the year ended December 31, 2020, the Group accepted quotation of Gopher Transformation Private Fund from an independent third party and recognized an impairment loss of RMB28,156 based on the difference between the carrying amount and the quotation. In 2021, based on the aforementioned offer and current business plan, the Group did not recognize any further impairment loss for this fund in 2021. The Group invested in private equity funds of funds, real estate funds and real estate funds of funds, and other public securities funds of funds that Gopher serves as general partner or fund manager. The Group held less than 10% equity interests in these funds as a general partner. The Group accounts for these investments using the equity method of accounting due to the fact that the Group can exercise significant influence on these investees in the capacity of general partner or fund manager. The Group recognized impairment losses totaling nil, RMB38,214 and nil related to investments in affiliates for the years ended December 31, 2019, 2020 and 2021, respectively, which are recorded in income from equity in affiliates in the consolidated statements of operations. For the year ended December 31, 2020, in addition to the impairment loss recognized for Gopher Transformation Private Fund, the Group (i) fully impaired an affiliate company, which principally conducted overseas education business, with amount of RMB1,831, due to continued operating loss as well as the impact of COVID-19, and (ii) recognized an impairment loss of RMB8,227 for a private equity fund of fund due to the deteriorating operation of certain underlying portfolio of this fund caused by COVID-19. Summarized financial information The following table shows summarized financial information relating to the balance sheets for the Group’s equity method investments assuming 100% ownership as of December 31, 2020 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | (Amount in Thousands)
​ |  | 2020 |  | 2021 |  | 2021
​ | ​ | RMB | ​ | RMB | ​ | US$
Balance sheet data: | ​ |  | ​ |  | ​ |
Current assets |  | 3,586,516 |  | 5,356,698 | ​ | 840,583
Non-current assets |  | 33,138,315 |  | 32,633,598 | ​ | 5,120,924
Current liabilities |  | 1,439,746 |  | 1,788,077 | ​ | 280,588
Non-current liabilities | ​ | — | ​ | 376,544 | ​ | 59,088
​ The following table shows summarized financial information relating to the statements of operations for the Group’s equity method investments assuming 100% ownership for the years ended December 31, 2019, 2020 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ | ​ | (Amount in Thousands)
​ |  | 2019 |  | 2020 |  | 2021 |  | 2021
​ | ​ | RMB | ​ | RMB | ​ | RMB | ​ | US$
Operating data: | ​ |  | ​ |  | ​ |  | ​ |
Revenue |  | 2,177,056 |  | 670,878 |  | 225,559 | ​ | 35,395
Income (loss) from operations |  | 470,278 |  | 72,683 |  | (554,579) | ​ | (87,025)
Net realized and unrealized gains from investments |  | 632,934 |  | 3,582,239 |  | 5,107,283 |  | 801,444
Net income |  | 1,109,261 |  | 3,654,922 |  | 4,505,646 | ​ | 707,034
​

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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 + Details
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