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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Financial instruments measured at fair value on recurring basis by level within the fair value hierarchy | The following table sets forth the financial instruments, measured at fair value on a recurring basis, by level within the fair value hierarchy (in thousands):
|  | Fair Value Measurements at Reporting Date Using |
|  | Carrying Value on Balance Sheets |  |  | Quote Prices in Active Market for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
As of December 31, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term deposits and short term investments |  |  | 912,594 |  |  |  | 93,398 |  |  |  | 819,196 |  |  |  | — |
Restricted cash |  |  | 269,648 |  |  |  | 269,648 |  |  |  | — |  |  |  | — |
Available-for-sale debt investments |  |  | 1,961,474 |  |  |  | — |  |  |  | — |  |  |  | 1,961,474 |
Financial assets — contingent returnable consideration |  |  | 18,211 |  |  |  | — |  |  |  | — |  |  |  | 18,211 |
As of December 31, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term deposits and short term investments |  |  | 1,271,889 |  |  |  | 488,488 |  |  |  | 783,401 |  |  |  | — |
Restricted cash |  |  | 82,934 |  |  |  | 82,934 |  |  |  | — |  |  |  | — |
Available-for-sale debt investments |  |  | 2,014,537 |  |  |  | — |  |  |  | — |  |  |  | 2,014,537 |
Financial assets — contingent returnable consideration |  |  | 98,473 |  |  |  | — |  |  |  | — |  |  |  | 98,473 |
Liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward contract in relation to future disposal of investments in Particle |  |  | 15,988 |  |  |  | — |  |  |  | — |  |  |  | 15,988 |
Reconciliation of fair value measurements of available-for-sale debt investments | The following table sets forth the reconciliation of the fair value measurements of available-for-sale debt investments from January 1, 2017 to December 31, 2019 (in thousands):
|  | Fair Value Measurements of Available-for-sale Debt Investments |
|  | RMB |
Beginning balance as of January 1, 2017 |  |  | 939,432 |
Change in fair value |  |  | 321,538 |
Currency translation adjustment |  |  | (64,640 | )
Ending balance as of December 31, 2017 |  |  | 1,196,330 |
Change in fair value |  |  | 698,592 |
Currency translation adjustment |  |  | 64,552 |
Additional investments |  |  | 2,000 |
Ending balance as of December 31, 2018 |  |  | 1,961,474 |
Change in fair value |  |  | 1,385,379 |
Disposal of part available-for-sale debt investments |  |  | (1,390,031 | )
Currency translation adjustment |  |  | 57,715 |
Ending balance as of December 31, 2019 |  |  | 2,014,537 |
Key inputs used in valuation of available-for-sale investments | The key inputs used in valuation of available-for-sale debt investments as of December 31, 2017, 2018 and 2019 were as follow:
|  | As of December 31, |
|  | 2017 |  |  | 2018 |  |  | 2019 |
|  |  |  |  |  | Under the Status Quo |  |  | Under the Trade Sale |  |  |  |  |
|  |  |  |  |  | Scenario* |  |  | Scenario** |  |  |  |  |
Discount rate |  | 23% |  |  | 22.5% |  |  | 17% |  |  | N/A |
Lack of marketability discount (“DLOM”) |  | 25% |  |  | 20% |  |  | 15% |  |  | 5% |
Volatility |  | 45.3% |  |  | 44.5% |  |  | 44.8% |  |  | 45.7% |
Revenue growth rate |  | 5.0%-93.8% |  |  | 3.7%-75.8% |  |  | 3.7%-75.8% |  |  | N/A |
Terminal growth rate |  | 3% |  |  | 3% |  |  | 3% |  |  | N/A |
Control premium |  | N/A |  |  | N/A |  |  | 30% |  |  | N/A |
Probability of each scenario |  | N/A |  |  | 60% |  |  | 40% |  |  | N/A |
*Under the status quo scenario, the Company would not close the transaction contemplated under the LOI, and would keep holding the investments of convertible redeemable preferred shares in Particle and maintain the status quo. **Under the trade sale scenario, the Company would close the transaction contemplated under the LOI, and the Company would go through trade sales on the investments of convertible redeemable preferred shares in Particle.
Reconciliation of the fair value measurements of financial assets - contingent returnable consideration | The following table sets forth the reconciliation of the fair value measurements of financial assets — contingent returnable consideration from January 1, 2018 to December 31, 2019 (in thousands):
|  | Fair Value Measurements of Financial Assets — Contingent Returnable Consideration |
|  | RMB |
Beginning balance as of January 1, 2018 |  |  | — |
Acquisition of Yitian Xindong |  |  | 18,211 |
Ending balance as of December 31, 2018 |  |  | 18,211 |
Acquisition of noncontrolling interests in Yitian Xindong |  |  | 18,211 |
Change in fair value |  |  | 62,051 |
Ending balance as of December 31, 2019 |  |  | 98,473 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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