v2.4.0.6
Investment in Equity Investees (Tables)
 12 Months Ended
Dec. 31, 2011
Equity Method Investments
  
Summary of 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 % 
Equity Method Investee
  
Summary of Investment in Equity Investees
    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.