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Fair Value Measurement | 12 Months Ended
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Dec. 31, 2019
Fair Value Measurement |
Fair Value Measurement | 4. Fair Value Measurement The following table sets forth the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: December 31, 2018
|  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at
|  | Inputs |  | Inputs |  | Inputs |  | Fair Value
|  | RMB |  | RMB |  | RMB |  | RMB
Assets |  |  |  |  |  |  |  |
Short-term investments |  |  |  |  |  |  |  |
-Wealth management products |  | — |  | 71,483 |  | — |  | 71,483
Long-term equity investment |  | — |  | — |  | 56,000 |  | 56,000
Total Assets |  | — |  | 71,483 |  | 56,000 |  | 127,483
December 31, 2019
|  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at
|  | Inputs |  | Inputs |  | Inputs |  | Fair Value
|  | RMB |  | RMB |  | RMB |  | RMB
Assets |  |  |  |  |  |  |  |
Short-term investments |  |  |  |  |  |  |  |
-Wealth management products |  | — |  | 11,500 |  | — |  | 11,500
Long-term equity investment |  | — |  | — |  | 40,000 |  | 40,000
Total Assets |  | — |  | 11,500 |  | 40,000 |  | 51,500
The Group values its investments in wealth management products issued by certain banks using quoted subscription/redemption prices published by these banks, and accordingly, the Group classifies the valuation techniques that use these inputs as level 2. The Group’s short-term investments as of December 31, 2018 and 2019 were acquired close to the year-end dates with maturity from seven days to one month, except for a short-term wealth management product issued by Bank of China in Shenzhen of RMB49,883 on April 28, 2018 with a 363‑day term and a fixed annual interest rate and principle secured. This wealth management product has served as the collateral of a short-term loan of RMB49,000 from Bank of China in Shenzhen (see note 10) since July 2018. This wealth management product was due and redeemed by the Group on April 26, 2019 with the collateral released upon the short term bank loan of RMB49,000 repaid on the same day. Long-term equity investment was measured at costs, less impairment, with subsequent adjustments for observable price changes (see note 9), and are categorized within Level 3 under the fair value hierarchy. The values were estimated based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs including volatility, as well as rights and obligations of the securities that the Company holds. There have no transfers between level 1, level 2 and level 3 categories.

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- References No definition available. + Details
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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