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Convertible Loans Due from a Related Party
12 Months Ended
Dec. 31, 2016
Convertible Loans Due from a Related Party [Abstract]  
Convertible Loans Due from a Related Party

10.  Convertible loans due from a related party

 

In January and April 2016, the Company granted two twelve-month unsecured short-term loans to Particle with a principal amount of US$10.0 million each at an interest rate of 4.35% per annum. In December 2016, the principals and the related accrued interests of the loans with a total amount of US$20.7 million (RMB143.8 million) were converted into Series D1 convertible redeemable preferred shares of Particle at a conversion price of US$0.876847 per share.

 

In August 2016, the Company granted a new unsecured short-term loan to Particle with a principal amount of US$14.8 million (RMB98.1 million) at an interest rate of 4.35% per annum and with a term of no more than six months. In December 2016, the Company extended the terms of this loan from six months to twelve months. The Company has the right to convert, at the Company’s option, all or a portion of this loan (including principal and interests) into Series D1 preferred shares to be issued by Particle on or before August 9, 2017 at a conversion price of US$1.071803 per share. As of December 31, 2016, the carrying value of this loan was RMB104.4 million (US$15.0 million).