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Share-Based Awards (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Assumptions Used

The Company calculated the estimated grant date fair value of the share options granted on February 18, 2014, using a Binomial Tree Model, with key assumptions as follows.

		February 18, 2014
Risk-free interest rate			2.33	%
Dividend yield			5	%
Expected volatility range			39.03	%

Schedule of Stock Options

The following table summarizes employee share options activities for the year ended December 31 2014:

Share Options Granted to Employees		Number of Shares				Weighted- Average Exercise Price								Weighted Average Grant- date Fair Value								Weighted Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Outstanding, January 1, 2014			4,643,734			US$					3.55			US$					1.25				4.05				—
Forfeited			—								—								—				—				—
Granted			3,479,604			US$					2.04			US$					0.65				7.13				—
Outstanding, December 31, 2014			8,123,338			US$					2.90			US$					0.99				5.37				—
Exercisable at December 31, 2014			5,218,911			US$					2.90			US$					0.99				5.37				—

Summary of Restricted Shares

The following table summarizes the Restricted Shares granted for the year ended December 31, 2014. The fair value of Restricted Shares is simply the spot price of the Company’s ordinary shares in the absence of dividends.

Grant Date		Number of Awards				Fair Value per Share at the Grant date (US$)
February 18, 2014			1,370,250				1.93
July 1, 2014			21,132				2.35
August 1, 2014			69,564				2.44

Schedule of Share-Based Compensation Expense

The share-based compensation expense of the share-based awards granted to employees for the years ended December 31, 2012, 2013 and 2014 is as follows:

		For the Years ended December 31,
		2012				2013				2014				2014
		RMB				RMB				RMB				US$
General and administrative expenses			6,776				6,541				6,605				1,065
Selling expenses			2,308				2,263				744				120
			9,084				8,804				7,349				1,185

Restricted shares [Member]

Summary of Restricted Shares

The company recognizes the compensation expense on a straight-line basis over the requisite service period for the entire award. Restricted shares activity for the year ended December 31, 2014 was as follows:

		Numbers of shares				Weighted average grant date fair value
						US$
Outstanding, January 1, 2014			—				—
Granted			1,460,946				1.96
Vested			—				—
Forfeited			—				—
Outstanding, December 31, 2014			1,460,946				1.96
Expected to vest, December 31, 2014			1,460,946				1.96

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- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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