|
Fair Value Measurement (Tables)
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12 Months Ended |
|
Dec. 31, 2011
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| Assets Measured at Fair Value on Recurring Basis |
Assets measured
at fair value on a recurring basis are summarized below:
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Fair Value Measurement at
December 31, 2011 Using |
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Quoted Prices in
Active Markets for
Identical Assets
(Level
1) |
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Significant Other
Observable Inputs
(Level
2) |
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Unobservable
inputs
(Level
3) |
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Fair Value at December 31, 2011 |
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(RMB) |
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(RMB) |
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(RMB) |
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(RMB) |
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(US$) |
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Available-for-sale
investments
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— |
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— |
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386,851,118 |
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386,851,118 |
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61,464,453 |
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Total
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— |
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— |
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386,851,118 |
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386,851,118 |
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61,464,453 |
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Fair Value Measurement at December 31, 2010 Using |
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Quoted Prices in
Active Markets for
Identical Assets
(Level
1) |
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|
Significant Other
Observable Inputs
(Level
2) |
|
|
Unobservable
inputs
(Level
3) |
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Fair Value at December 31, 2010 |
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| |
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(RMB) |
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(RMB) |
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(RMB) |
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(RMB) |
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Available-for-sale
investments
|
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— |
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— |
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423,302,661 |
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423,302,661 |
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Total
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— |
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— |
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423,302,661 |
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423,302,661 |
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| Valuation of Available-for-Sale Investments |
The following
table summarizes the valuation of the available-for-sale
investments:
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Amount |
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(RMB) |
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Fair value of
available-for-sale investment as at January 1, 2010
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450,966,634 |
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Unrealized gain in fair
value of Series A Preferred Shares in MET (see Note 12)
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(73,032 |
) |
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Unrealized loss in fair
value of Series C Preferred Shares in 51.com (see Note
12)
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(14,467,019 |
) |
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Transfer in and/or out of
Level 3
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— |
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Effect of exchange rate
change
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(13,123,922 |
) |
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Fair value of
available-for-sale investment as at December 31,
2010
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423,302,661 |
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Unrealized loss in fair
value of Series A Preferred Shares in MET (see Note 12)
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4,893,132 |
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Unrealized loss in fair
value of Series C Preferred Shares in 51.com (see Note
12)
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(20,890,689 |
) |
|
Transfer in and/or out of
Level 3
|
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Effect of exchange rate
change
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(20,453,986 |
) |
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Fair value of
available-for-sale investment as at December 31,
2011
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386,851,118 |
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Fair value of
available-for-sale investment as at December 31, 2011
(US$)
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61,464,453 |
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| Assets Measured at Fair Value on Non-recurring Basis |
Assets measured
at fair value on a non-recurring basis are summarized as
below:
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Fair Value at
December 31, 2010 |
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Total impairment
loss recognized for
the year ended
December 31, 2010 |
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Fair Value at
December 31, 2011 |
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Total impairment loss
recognized for the year
ended December 31,
2011 |
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(RMB) |
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(RMB) |
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(RMB) |
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Acquired intangible
assets-software
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1,146,029 |
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— |
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— |
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— |
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Goodwill
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15,977,373 |
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— |
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— |
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— |
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KOK 3 game
software
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— |
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46,557,669 |
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— |
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— |
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Five One Network Development Co Ltd
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| 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:
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December 31, |
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2010 |
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2011 |
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Risk-free interest
rates
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1.27 |
% |
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0.72 |
% |
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Expected
volatility
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38.04 |
% |
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50.92 |
% |
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Probabilities of different
scenarios:
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- IPO
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50 |
% |
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25 |
% |
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- Liquidation
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25 |
% |
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25 |
% |
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- Redemption
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25 |
% |
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50 |
% |
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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:
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December 31, |
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| |
|
2010 |
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|
2011 |
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Risk-free interest
rates
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1.87 |
% |
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0.35 |
% |
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Expected
volatility
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61.71 |
% |
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52.36 |
% |
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Probabilities of different
scenarios:
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- IPO
|
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50 |
% |
|
|
— |
|
|
- Liquidation
|
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|
25 |
% |
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25 |
% |
|
- Redemption
|
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25 |
% |
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75 |
% |
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