v2.4.0.6
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2011
Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis are summarized below:

 

     Fair Value Measurement at December 31, 2011 Using         
     Quoted Prices in
Active Markets for
Identical Assets

(Level 1)
     Significant Other
Observable  Inputs

(Level 2)
     Unobservable
inputs

(Level 3)
     Fair Value at December 31, 2011  
     (RMB)      (RMB)      (RMB)      (RMB)      (US$)  

Available-for-sale investments

     —           —           386,851,118         386,851,118         61,464,453   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     —           —           386,851,118         386,851,118         61,464,453   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

     Fair Value Measurement at December 31, 2010 Using         
     Quoted Prices in
Active Markets for
Identical Assets

(Level 1)
     Significant Other
Observable  Inputs

(Level 2)
     Unobservable
inputs

(Level 3)
     Fair Value at December 31, 2010  
     (RMB)      (RMB)      (RMB)      (RMB)  

Available-for-sale investments

     —           —           423,302,661         423,302,661   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     —           —           423,302,661         423,302,661   
  

 

 

    

 

 

    

 

 

    

 

 

 
Valuation of Available-for-Sale Investments

The following table summarizes the valuation of the available-for-sale investments:

 

     Amount  
     (RMB)  

Fair value of available-for-sale investment as at January 1, 2010

     450,966,634   

Unrealized gain in fair value of Series A Preferred Shares in MET (see Note 12)

     (73,032

Unrealized loss in fair value of Series C Preferred Shares in 51.com (see Note 12)

     (14,467,019

Transfer in and/or out of Level 3

     —     

Effect of exchange rate change

     (13,123,922
  

 

 

 

Fair value of available-for-sale investment as at December 31, 2010

     423,302,661   

Unrealized loss in fair value of Series A Preferred Shares in MET (see Note 12)

     4,893,132   

Unrealized loss in fair value of Series C Preferred Shares in 51.com (see Note 12)

     (20,890,689

Transfer in and/or out of Level 3

  

Effect of exchange rate change

     (20,453,986
  

 

 

 

Fair value of available-for-sale investment as at December 31, 2011

     386,851,118   
  

 

 

 

Fair value of available-for-sale investment as at December 31, 2011 (US$)

     61,464,453   
  

 

 

 
Assets Measured at Fair Value on Non-recurring Basis

Assets measured at fair value on a non-recurring basis are summarized as below:

 

    Fair Value at
December 31, 2010
    Total impairment
loss recognized for
the year ended
December 31, 2010
    Fair Value at
December 31, 2011
    Total impairment loss
recognized for the year
ended December 31,
2011
 
    (RMB)           (RMB)     (RMB)  

Acquired intangible assets-software

    1,146,029        —          —          —     

Goodwill

    15,977,373        —          —          —     

KOK 3 game software

    —          46,557,669        —          —     
Five One Network Development Co Ltd
 
Fair Value of Preferred Shares Estimated Assumptions

The fair value of the Series C Preferred Share of 51.com was estimated using the following assumptions:

 

     December 31,  
     2010     2011  

Risk-free interest rates

     1.27     0.72

Expected volatility

     38.04     50.92

Probabilities of different scenarios:

    

- IPO

     50     25

- Liquidation

     25     25

- Redemption

     25     50
Mobile Embedded Technology Inc | Series A Preferred Stock
 
Fair Value of Preferred Shares Estimated Assumptions

The fair value of the MET’s Series A Preferred Shares was estimated using the following assumptions:

 

     December 31,  
     2010     2011  

Risk-free interest rates

     1.87     0.35

Expected volatility

     61.71     52.36

Probabilities of different scenarios:

    

- IPO

     50     —     

- Liquidation

     25     25

- Redemption

     25     75