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Investments

12 Months Ended

Dec. 31, 2022

Investments

4. Investments

The following table summarizes the Group’s investment balances:


		As of December 31,
		(Amount in Thousands)
		2021		2022		2022
		RMB		RMB		US$
Short-term investments
Held-to-maturity investments		29,288		20,660		2,995
Available-for-sale investments		13,805		14,941		2,166
Trading debt securities		14,804		207,670		30,109
Equity securities measured at fair value		7,925		5,265		763
Investments held by consolidated investment funds measured at fair value		26,981		67,443		9,780
Total short-term investments		92,803		315,979		45,813
Long-term investments
Other long-term investments
- Investments measured at fair value		376,957		631,662		91,582
- Investments measured at cost less impairment
- Private equity funds products		96,302		27,207		3,944
- Other investments measured at cost less impairment		114,986		40,475		5,868
Total other long-term investments		588,245		699,344		101,394
Investments held by consolidated investment funds measured at fair value		80,327		74,751		10,838
Total long-term investments		668,572		774,095		112,232
Total investments		761,375		1,090,074		158,045

Held-to-maturity investments consist of investments managed by the Group that have stated maturity and normally pay a prospective fixed or floating rate of return, carried at amortized cost. The Group recorded investment income on these products of RMB10,331, RMB1,568 and RMB383 for the years ended December 31, 2020, 2021 and 2022, respectively. The gross unrecognized holding gain was RMB5,087, RMB612 and RMB582 as of December 31, 2020, 2021 and 2022, respectively. No credit loss related to held-to-maturity investments was recognized for the years ended December 31, 2020, 2021 and 2022.

Available-for-sale investments consist of investments managed by the Group that have stated maturity and normally pay a prospective fixed rate of return, carried at fair value. All of available for sale investments as of December 31, 2022 of RMB14,941 will mature in 2023. Changes in fair value of the available-for-sale investments, net of tax, for the years ended December 31, 2020, 2021 and 2022 was RMB(4), RMB243 and nil respectively, recorded in the other comprehensive (loss) income, of which RMB(775), RMB243 and nil was realized and reclassified from other comprehensive (loss) income to investment (loss) income in the consolidated statements of operations for the years ended December 31, 2020, 2021 and 2022. The amortized cost of the available-for-sale investments as of December 31, 2020, 2021 and 2022 was RMB14,135, RMB13,805 and RMB14,941, respectively. There was no investment with realized or unrealized losses during the years ended December 31, 2020, 2021 and 2022. No credit loss was recognized for the years ended December 31, 2020, 2021 and 2022.

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 and 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. The Group recognized impairment loss related to investments measured at cost, less impairment, of RMB115,100, RMB10,000 and nil in investment income (loss) for the years ended December 31, 2020, 2021 and 2022, respectively. The impairment in 2020 was due to the deteriorating operation of a single investment and measured as the difference between the investment’s carrying amount and the fair value estimated based on a quotation offered from an unrelated third party accepted by the Group. In 2021, the negotiation was suspended due to the continued deterioration of underlying investment, and the Group impaired the investment to nil with an impairment loss of RMB10,000 for the year ended December 31, 2021.