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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

INCOME TAXES

Schedule of income tax expense/ (benefit)

		December 31, 2014		December 31, 2015		December 31, 2016
		RMB		RMB		RMB
Current tax		30		304,383		246,591
Deferred tax		—		(175,862	)	(260,540	)
Total		30		128,521		(13,949	)

Schedule of reconciliation between the income tax at PRC statutory tax rate and income tax expense

		Year ended December 31, 2014		Year ended December 31, 2015		Year ended December 31, 2016
		RMB		RMB		RMB
(Loss)/income before provision for income taxes		(27,678	)	403,860		1,102,449
Statutory tax rate in the PRC		25	%	25	%	25	%
Income tax at statutory tax rate		(6,919	)	100,965		275,612
Non-deductible expenses		101		32,791		2,101
Research and Development Tax Credit		—		(5,309	)	—
Effect of tax holiday and preferential tax rate		—		—		(265,545	)
Effect of tax losses not recognized		6,848		—		165
Adjustment on current income tax of the previous periods (i)		—		—		(33,633	)
Effect of different tax rates of subsidiaries operating in other jurisdictions		—		74		7,351
Income tax expense/ (benefit)		30		128,521		(13,949	)

Schedule of aggregate amount and per share effect of the tax holiday and preferential tax rate

		Year ended December 31, 2014		Year ended December 31, 2015		Year ended December 31, 2016
		RMB		RMB		RMB
The aggregate amount of tax holiday and preferential tax rate		—		—		265,545
The aggregate effect on basic and diluted net income per share:
- Basic		—		—		2.2458
- Diluted		—		—		2.2326

(i) Adjustment on current income tax of the previous periods represented the adjustment according to final annual income tax filing of 2015 with the PRC tax authorities.

Schedule of deferred tax assets

		December 31, 2015		December 31, 2016
		RMB		RMB
Liabilities from quality assurance program		136,583		367,750
Deferred revenue		29,371		41,079
Accrued expenses		9,908		13,478
Security Deposit for trust arrangements		—		8,961
Others		—		5,134
Total		175,862		436,402

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319

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Tabular disclosure of the income tax holiday and preferential tax rates which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits.

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