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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2011
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

32.    PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

 

Condensed balance sheets

 

    As at December 31,  
    2010     2011     2011  
    RMB     RMB     US$  
                   
ASSETS                        
Current assets:                        
Cash     8,034       8,869       1,409  
Restricted cash, current portion     66,227       -       -  
Time deposits with original maturities exceeding three months     -       31,470       5,000  
Amounts due from subsidiaries     377,403       227,211       36,100  
Prepayments and other current assets     15,788       -       -  
Total current assets     467,452       267,550       42,509  
Non-current assets:                        
Investment in subsidiaries     1,747,331       1,790,931       284,550  
                         
Total assets     2,214,783       2,058,481       327,059  
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY                        
Current liabilities:                        
Accrued expenses and other liabilities     4,531       3,321       528  
Amounts due to subsidiaries     5,161       120,660       19,171  
Total current liabilities     9,692       123,981       19,699  
                         
Total liabilities     9,692       123,981       19,699  
                         
Shareholders’ equity:                        
Ordinary shares (par value of US$0.0001 per share; authorized - 450,000,000 shares; Issued and outstanding - 142,353,532 shares at December 31, 2010 and 2011)     105       105       17  
Treasury stock     -       (1 )     -  
Additional paid-in capital     2,604,704       2,551,877       405,452  
Accumulated other comprehensive loss     (14,835 )     (17,595 )     (2,796 )
Accumulated deficit     (384,883 )     (599,886 )     (95,313 )
Total shareholders’ equity     2,205,091       1,934,500       307,360  
Total liabilities and shareholders’ equity     2,214,783       2,058,481       327,059  

 

Condensed statements of operations

 

    For the Years Ended December 31,  
    2009     2010     2011     2011  
    RMB     RMB     RMB     US$  
                         
Revenues     -       -       -       -  
Cost of revenues     -       -       -       -  
General and administrative expenses     (2,372 )     (27,626 )     (30,561 )     (4,856 )
Selling expenses     (262 )     (2,524 )     (2,298 )     (365 )
                                 
Operating loss     (2,634 )     (30,150 )     (32,859 )     (5,221 )
Equity in profit of subsidiaries     126,621       155,397       (184,276 )     (29,279 )
Interest income     818       742       2,132       339  
Exchange gain     22       3,411       -       -  
                                 
Net income (loss)     124,827       129,400       (215,003 )     (34,161 )
Accretion of Series A contingently redeemable convertible preferred shares     (30,050 )     -       -       -  
Accretion of Series B contingently redeemable convertible preferred shares     (48,359 )     -       -       -  
                                 
Net income (loss) attributable to ordinary shareholders     46,418       129,400       (215,003 )     (34,161 )

 

Condensed statements of cash flows

 

    For the Years Ended December 31,  
    2009     2010     2011     2011  
    RMB     RMB     RMB     US$  
                         
Net cash generated from (used in) operating activities     34       (16,765 )     (8,418 )     (1,337 )
Net cash used in investing activities     (466,520 )     (423,931 )     8,108       1,288  
Net cash generated from/(used in) financing activities     793,138       (145,574 )     879       140  
Exchange rate effect on cash     (127 )     (6,736 )     266       42  
Net increase (decrease) in cash     326,525       (593,006 )     835       133  
Cash at beginning of the year     274,515       601,040       8,034       1,276  
Cash at end of the year     601,040       8,034       8,869       1,409  
Supplemental schedule of non-cash activities:                                
Conversion of convertible loans into Series A contingently redeemable convertible preferred shares     704,276       -       -       -  
Conversion of Series A and Series B convertible contingently redeemable preferred shares to ordinary shares upon initial public offering     704,276       -       -       -  

 

Basis of Presentation

 

For the presentation of the parent company only condensed financial information, the Company records its investment in subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investment is presented on the balance sheet as “Investment in Subsidiaries” and the subsidiaries profit or loss as “Equity in profit or loss of subsidiaries” on the statement of operations. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements.