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SHORT TERM INVESTMENTS | 12 Months Ended
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Dec. 31, 2020
SHORT TERM INVESTMENTS |
SHORT TERM INVESTMENTS | 5. SHORT TERM INVESTMENTS Short term investments consist of held-to-maturity investments and available-for-sale investments. Held to maturity investments Held-to-maturity investments consist of various fixed-income financial products purchased from Chinese commercial banks, which are classified as held-to-maturity investments as the Group has the positive intent and ability to hold the investments to maturity. The maturities of these financial products are forty-two days, with annual interest rate ranging from 3.25% to 3.30% and matured and fully collected with principal and interest as of the date of this report. They are classified as short term investments on the consolidated balance sheets as its contractual maturity dates are less than one year. The repayments of principal of the financial products are not guaranteed by the Chinese commercial banks from which the fixed income financial products were purchased. Historically, the Company has received the principal and the interest in full upon maturity of these investments. While these fixed-income financial products are not publicly traded, the Company estimated that their fair value approximate their amortized costs considering their short term maturities and high credit quality. No OTTI loss was recognized for the year ended December 31, 2020. Available-for-sale investments Investments other than held-to-maturity are classified as available-for-sale investments, which consist of various adjustable-income financial products purchased from Chinese commercial banks. All the available for sale investments did not have maturity date. They are classified as short-term investments on the consolidated balance sheets as management intends to hold them for a period less than one year. Available-for-sale securities are carried at their fair values and the unrealized gains or losses from the changes in fair values are included in accumulated other comprehensive income. The aging of all the available-for-sale investments were less than 12 months as of December 31, 2020. No OTTI loss was recognized for the year ended December 31, 2020. The amortized cost, gross unrealized gain in accumulated other comprehensive income, and estimated fair value of investments as of December 31, 2019 and 2020, are reflected in the tables below:
|  | As of December 31, 2019
|  |  |  | Gross unrealized gain |  |
|  |  |  | in accumulated other |  | Estimated
|  | Amortized Cost |  | comprehensive income |  | Fair value
|  | RMB |  | RMB |  | RMB
Short-term investments: |  |  |  |  |  |
Held-to-maturity investments |  |  |  |  |  |
Fixed-rate financial products |  | 31,000 |  | — |  | 31,000
Available-for-sale investments |  |  |  |  |  |
Adjustable-rate financial products |  | 56,000 |  | 1,487 |  | 57,487
|  | As of December 31, 2020
|  |  |  | Gross unrealized gain |  |
|  |  |  | in accumulated other |  | Estimated
|  | Amortized Cost |  | comprehensive income |  | Fair value
|  | RMB |  | RMB |  | RMB
Short-term investments: |  |  |  |  |  |
Held-to-maturity investments |  |  |  |  |  |
Fixed-rate financial products |  | 45,000 |  | — |  | 45,000
Available-for-sale investments |  |  |  |  |  |
Adjustable-rate financial products |  | 117,000 |  | 854 |  | 117,854
Interest income recognized on held-to-maturity investments for years ended December 31, 2018, 2019 and 2020 were as follows:
|  | Years Ended December 31,
|  | 2018 |  | 2019 |  | 2020 |  | 2020
|  | RMB |  | RMB |  | RMB |  | US$
Interest income recognized on held-to-maturity investments |  | 5,836 |  | 1,904 |  | 548 |  | 81

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- Definition The entire disclosure of the components of cash, cash equivalents, and short-term investments. Short-term investments may include current marketable securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
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- References No definition available. + Details
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