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Fair Value of Assets and Liabilities | 12 Months Ended
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Dec. 31, 2023
Fair Value of Assets and Liabilities |
Fair Value of Assets and Liabilities |
7. | Fair Value Measurement
Recurring The following table presents the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis subsequent to initial recognition: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  |  |  |  |  | Balance at
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Fair Value
December 31, 2022 | ​ | RMB | ​ | RMB | ​ | RMB | ​ | RMB
Assets |  |  |  |  |  |  |  |
Investments under fair value option |  | — |  | 1,006,783 |  | — |  | 1,006,783
Total Assets |  | — |  | 1,006,783 |  | — |  | 1,006,783
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Fair Value
December 31, 2023 |  | RMB |  | RMB |  | RMB |  | RMB
Assets |  |  |  |  |  |  |  |
Investments under fair value option |  | — |  | 1,668,550 |  | — |  | 1,668,550
Total Assets |  | — |  | 1,668,550 |  | — |  | 1,668,550
​ The Group calculated the estimated fair value of its available-for-sale investments and investments under fair value option as of December 31, 2022 and 2023 using alternative pricing sources and models with market observable inputs. Accordingly, the Group classifies the fair value measurement calculated using valuation techniques that use these inputs as Level 2 measurement. Non-recurring Certain assets, such as prepayment, intangible asset, long-term investment are measured at fair value only if they were determined to be impaired. The fair values were measured under income approach, based on the Company’s best estimation. Significant inputs (level 3) used in the income approach primarily included future estimated cash flows and discount rate.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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