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Fair Value Measurements (Tables)

12 Months Ended

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

Fair value measurements of financial assets contingent returnable consideration.

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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

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-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

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

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-Name Accounting Standards Codification
-Topic 820
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