| Investment in Equity Investees |
| 9. |
INVESTMENT IN EQUITY
INVESTEES |
|
|
|
|
|
|
|
|
|
|
Name of the
Equity Investees
|
|
Equity Interest Owned by
the Company |
|
| |
|
At December 31, 2010 |
|
|
At December 31, 2011 |
|
|
|
|
|
Shanghai Tonghua Network
Technology Co., Ltd. (“ Tonghua”)
|
|
|
30.00 |
% |
|
|
30.00 |
% |
|
Beijing Huayi Giant
Information Technology Co., Ltd. (“Huayi Giant
Information”)
|
|
|
34.00 |
% |
|
|
34.00 |
% |
|
Juxi Network
|
|
|
|
|
|
|
41.98 |
% |
|
Juxian Network
|
|
|
|
|
|
|
40.80 |
% |
|
Yunfeng
E-commerce A Fund, L.P. and Yunfeng
E -Commerce B Fund, L.P. (Collectively known as the “Yunfeng
Fund”)
|
|
|
|
|
|
|
10.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31,
2010 |
|
|
Increased (decreased)
during
the year ended December 31, 2011 |
|
|
At December 31,
2011 |
|
| |
|
Cost of
Investments
(RMB) |
|
|
Share of
equity
income
(RMB) |
|
|
Investment in
equity
investees
(RMB) |
|
|
Cost of
investments
(RMB) |
|
|
Share of
equity
income
(RMB)
|
|
|
Cost of
investments
(RMB) |
|
|
Share of
equity
income
(RMB) |
|
|
Investment in
equity
investees
(RMB) |
|
|
Investment in
equity
investees
(US$) |
|
|
|
|
|
|
|
|
|
|
|
|
Tonghua
|
|
|
3,000,000 |
|
|
|
(648,106 |
) |
|
|
2,351,894 |
|
|
|
— |
|
|
|
(1,083,151 |
) |
|
|
3,000,000 |
|
|
|
(1,731,257 |
) |
|
|
1,268,743 |
|
|
|
201,583 |
|
|
Huayi Giant
Information
|
|
|
32,774,051 |
|
|
|
— |
|
|
|
32,774,051 |
|
|
|
(4,782 |
) |
|
|
538,265 |
|
|
|
32,769,269 |
|
|
|
538,265 |
|
|
|
33,307,534 |
|
|
|
5,292,034 |
|
|
Juxi Network (Note
4)
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,128,039 |
|
|
|
(163,888 |
) |
|
|
6,128,039 |
|
|
|
(163,888 |
) |
|
|
5,964,151 |
|
|
|
947,608 |
|
|
Juxian Network (Note
4)
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,319,023 |
|
|
|
(1,191,127 |
) |
|
|
1,319,023 |
|
|
|
(1,191,127 |
) |
|
|
127,896 |
|
|
|
20,321 |
|
|
Yunfeng Fund (1)
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
317,050,000 |
|
|
|
(6,318,100 |
) |
|
|
317,050,000 |
|
|
|
(6,318,100 |
) |
|
|
310,731,900 |
|
|
|
49,370,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
35,774,051 |
|
|
|
(648,106 |
) |
|
|
35,125,945 |
|
|
|
324,492,280 |
|
|
|
(8,218,001 |
) |
|
|
360,266,331 |
|
|
|
(8,866,107 |
) |
|
|
351,400,224 |
|
|
|
55,831,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
In September 2011, the
Company invested an aggregate amount of RMB317,050,000
(US$50,374,172) as a limited partner in Yunfeng Fund, for the
purpose of purchasing shares of Alibaba Group Holdings Limited (the
“Alibaba Group”), China’s leading e-commerce
company. Yunfeng Fund has purchased ordinary shares of the Alibaba
Group at a price per share of US$13.50. The term of the Yunfeng
Fund is 10 years, which may be extended for additional successive
one-year periods up to a maximum of two years, and may be further
extended upon the written election or vote of a majority in
interest of the limited partners. |
Given that the
Company holds more than three percent interest in Yunfeng Fund and
the significance of this investment, the investment is accounted
for under the equity method as prescribed in ASC323-10. As of and
for the year ended December 31, 2011, the total assets, liabilities
and operating loss of Yunfeng fund were RMB3,051,110,433
(US$484,772,626), RMB89,687,234 (US$14,249,866) and RMB63,008,814
(US$10,011,092), respectively.
There were no
impairment indicators present associated with the investment in
these equity investees as at December 31, 2010 and
2011.
|