| Long-term Investment |
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December 31, |
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2010 |
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2011 |
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(RMB) |
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(RMB) |
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(US$) |
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Shanghai Ruichuang Network
Technology Co., Ltd. (1)
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20,495,239 |
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20,495,239 |
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3,256,366 |
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Beijing Innovation Works
Development Fund
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— |
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9,000,000 |
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1,429,956 |
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Total
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20,495,239 |
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29,495,239 |
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4,686,322 |
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| (1) |
On November 18, 2010,
the Company purchased 3% of Shanghai Ruichuang Network Technology
Co., Ltd’s ordinary shares for a total consideration of
RMB20,495,239, which was accounted for as a cost method investment
as prescribed by ASC 323-10. There was no impairment indicators
present associated with this investment as at December 31,
2010 and 2011. This investment was subsequently sold in February
2012 with net proceeds of approximately RMB20,800,000
(US$3,305,000). |
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