UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No. 1
to
FORM 20-F
(Mark One)
¨ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 |
OR
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2012.
OR
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
OR
¨ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Date of event requiring this shell company report
For the transition period from to
Commission file number: 001-35126
21Vianet Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)
N/A
(Translation of Registrants Name into English)
Cayman Islands
(Jurisdiction of Incorporation or Organization)
M5, 1 Jiuxianqiao East Road,
Chaoyang District
Beijing, 100016
The Peoples Republic of China
(Address of Principal Executive Offices)
Mr. Shang-Wen Hsiao, President and Chief Financial Officer
21Vianet Group, Inc.
M5, 1 Jiuxianqiao East Road,
Chaoyang District
Beijing, 100016
The Peoples Republic of China
Phone: (86) 10 8456-2121
Facsimile: (86) 10 8456-2619
(Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class |
Name of exchange on which registered | |
American Depositary Shares, each representing six Class A ordinary shares, par value US$0.00001 per share | NASDAQ Global Market |
Class A ordinary shares, par value US$0.00001 per share*
* | Not for trading, but only in connection with the listing on the NASDAQ Global Market of the American Depositary Shares |
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title of Class)
Indicate the number of outstanding shares of each of the Issuers classes of capital or common stock as of the close of the period covered by the annual report: 282,959,863 Class A ordinary shares and 64,038,642 Class B ordinary shares, par value US$0.00001 per share, as of December 31, 2012.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ¨ No x
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ¨ Accelerated filer x Non-accelerated filer ¨
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
US GAAP x |
International Financial Reporting Standards as issued by the International Accounting Standards Board ¨ |
Other ¨ |
If Other has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
Item 17 ¨ Item 18 ¨
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ¨ No ¨
EXPLANATORY NOTE
The sole purpose of this Amendment No. 1 to our Annual Report on Form 20-F for the fiscal year ended December 31, 2012 (the 2012 Form 20-F), as originally filed with the Securities and Exchange Commission on April 19, 2013, is to furnish Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T.
Other than as expressly set forth above, this Amendment No. 1 does not, and does not purport to, amend, update or restate the information in any other item of the 2012 Form 20-F, or reflect any events that have occurred after the 2012 Form 20-F was originally filed.
2
PART III
ITEM 19. | EXHIBITS |
101.INS* | XBRL Instance Document | |
101.SCH* | XBRL Taxonomy Extension Schema Document | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |
(1)* | Furnished herewith. |
3
SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to Form 20-F on its behalf.
21Vianet Group, Inc. | ||
By: | /s/ Sheng Chen | |
Name: | Sheng Chen | |
Title: | Chairman of Board of Directors and Chief Executive Officer |
Date: April 26, 2013
4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Basis of Presentation |
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). |
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Principles of Consolidation |
The consolidated financial statements include the financial statements of the Company, its subsidiaries and the Consolidated VIE for which the Company or a subsidiary of the Company is the primary beneficiary. All significant inter-company transactions and balances between the Company, its subsidiaries and the Consolidated VIE are eliminated upon consolidation. Results of acquired subsidiaries and its Consolidated VIE are consolidated from the date on which control is transferred to the Company. |
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Use of Estimates |
The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, estimating the useful lives of long-lived assets and intangible assets, assessing the initial valuation of the assets acquired and liabilities assumed in a business combination and the subsequent impairment assessment of long-lived assets, intangible assets and related goodwill, determining the provision for accounts receivable, accounting for deferred income taxes, and accounting for share-based compensation arrangements. The valuation of and accounting for the Company’s purchase consideration (Note 4) also requires significant estimates and judgments provided by management. The results of the continuing operations and discontinued operations are determined by using a combination of specific identification of revenues and certain costs as well as a reasonable allocation of the remaining costs using applicable cost drivers where specific identification is not determinable. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. |
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Foreign Currency |
The functional currency of the Company, 21Vianet HK, 21V Xi’an Holding, Fastweb Holdings and Fastweb HK is the United States dollar (“US$”), whereas the functional currency of the Company’s PRC subsidiaries and its Consolidated VIE is the Chinese Renminbi (“RMB”) as determined based on the criteria of ASC 830, Foreign Currency Matters. The Company uses the RMB as its reporting currency. Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are re-measured at the balance sheet date exchange rate. Exchange gains and losses are included in foreign exchange gains and losses in the consolidated statements of operations. Assets and liabilities of the Company, 21Vianet HK, 21V Xi’an Holding, Fastweb Holdings and Fastweb HK are translated into RMB at fiscal year-end exchange rates. Income and expense items are translated at average exchange rates prevailing during the fiscal year. The resulting translation adjustments are recorded in other comprehensive loss within the statements of comprehensive income. |
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Convenience Translation |
Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB6.2301 on December 31, 2012 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. |
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Cash, Cash Equivalents and Short-term investments |
Cash and cash equivalents consist of cash on hand and demand deposits placed with banks or other financial institutions which are unrestricted as to withdrawal and use and have original maturities less than three months. All highly liquid investments with a stated maturity of 90 days or less from the date of purchase are classified as cash equivalents. All highly liquid investments with stated maturities of greater than 90 days but less than 365 days are mainly fixed rate time deposits that are classified as short-term investments, which are stated at their approximate fair values. |
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Restricted cash |
Restricted cash represents amounts held by a bank in escrow as security for notes payable, credit facilities and the guarantee of compliance with the network and service requirements of the radio spectrum license awarded by the Hong Kong Telecommunication Authority. |
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Accounts Receivable and Allowance for Doubtful Accounts |
Accounts receivable are carried at net realizable value. An allowance for doubtful accounts is recorded in the period when loss is probable based on an assessment of specific evidence indicating troubled collection, historical experience, accounts aging and other factors. An accounts receivable is written off after all collection effort has ceased. |
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Property and Equipment |
Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows:
Repair and maintenance costs are charged to expense as incurred, whereas the costs of betterments that extend the useful life of property and equipment are capitalized as additions to the related assets. Retirements, sale and disposals of assets are recorded by removing the cost and accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of operations. Property and equipment that are purchased or constructed which require a period of time before the assets are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs. Construction-in-progress is transferred to specific property and equipment accounts and commences depreciation when these assets are ready for their intended use. Interest costs are capitalized if they are incurred during the acquisition, construction or production of a qualifying asset and such costs could have been avoided if expenditures for these assets have not been made. Capitalization of interest costs commences when the activities to prepare the asset are in progress and expenditures and borrowing costs are incurred. Interest costs are capitalized until the assets are ready for their intended use. The Company did not incur significant capitalized interest during the year ended December 31, 2010. Interest capitalized during the years ended December 31, 2011 and 2012 amounted to RMB5,037 and RMB11,718 (US$1,881), respectively. |
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Intangible Assets |
Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination are recognized initially at fair value at the date of acquisition. Intangible assets with finite useful lives, except for acquired customer relationships in the acquisition of the Managed Network Entities which is amortized using an accelerated method of amortization, are amortized using a straight-line method of amortization. These amortization methods reflect the estimated pattern in which the economic benefits of the respective intangible assets are to be consumed.
Intangible assets have weighted average useful lives from the date of purchase as follows:
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Long-Term Investments |
The Company’s long-term investments consist of cost method investments and equity method investments. In accordance with ASC 325-20, Investments-Other: Cost Method Investments, for investments in an investee over which the Company does not have significant influence, the Company carries the investment at cost and only adjusts for other-than-temporary declines in fair value and distributions of earnings. The Company’s management regularly evaluates the impairment of its cost method investments based on the performance and financial position of the investee as well as other evidence of estimated market values. Such evaluation includes, but is not limited to, reviewing the investee’s cash position, recent financing, projected and historical financial performance, cash flow forecasts and current and future financing needs. An impairment loss is recognized in the consolidated statements of operations equal to the excess of the investment’s cost over its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value would then become the new cost basis of investment. Investments in equity investees represent investments in entities in which the Company can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC 323-10, Investments-Equity Method and Joint Ventures: Overall. The Company applies the equity method of accounting that is consistent with ASC 323-10 in limited partnerships in which the Company holds a three percent or greater interest. Under the equity method, the Company initially records its investment at cost and prospectively recognizes its proportionate share of each equity investee’s net profit or loss into its consolidated statements of operations. The difference between the cost of the equity investee and the amount of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill included in equity method investment on the consolidated balance sheets. The Company evaluates its equity method investments for impairment under ASC 323-10. An impairment loss on the equity method investments is recognized in the consolidated statements of income when the decline in value is determined to be other-than-temporary. |
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Goodwill |
Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business. The Company’s goodwill at December 31, 2011 and 2012 were related to its acquisitions of SH Guotong, the Managed Network Entities, Gehua and Fastweb (Note 4). In accordance with ASC 350, Goodwill and Other Intangible Assets, recorded goodwill amounts are not amortized, but rather are tested for impairment annually or more frequently if there are indicators of impairment present. The Company has adopted Accounting Standards Update No. 2011-08 (“ASU 2011-08”), Intangibles—Goodwill and Others, pursuant to which the Company can elect to perform a qualitative assessment to determine whether the two-step impairment testing on goodwill is necessary. The performance of the impairment test in accordance to ASC 350 involves a two-step process. The first step of the impairment test involves comparing the fair value of the reporting unit with its carrying amount, including goodwill. Fair value is primarily determined by computing the future discounted cash flows expected to be generated by the reporting unit. If the reporting unit’s carrying value exceeds its fair value, goodwill may be impaired. If this occurs, the Company performs the second step of the goodwill impairment test to determine the amount of impairment loss. The fair value of the reporting unit is allocated to its assets and liabilities in a manner similar to a purchase price allocation in order to determine the implied fair value of the reporting unit’s goodwill. If the implied goodwill fair value is less than its carrying value, the difference is recognized an impairment loss. In accordance with ASC 350, the Company assigned and assessed goodwill for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment. The Company has determined it has one reporting unit, which is also its only operating segment. Goodwill that has arisen as a result of the acquisitions of SH Guotong, the Managed Network Entities, Gehua and Fastweb was assigned to this reporting unit. In 2012, the Company elected to assess goodwill for impairment using the two-step process. As of October 1, 2012, the Company completed its annual impairment test for goodwill that has arisen out of the acquisitions of SH Guotong, the Managed Network Entities, Gehua. The Company determined the fair value of the reporting unit using the income approach based on the discounted expected cash flows associated with the reporting unit. The discounted cash flows for the reporting unit were based on six year projections. Cash flow projections were based on past experience, actual operating results and management best estimates about future developments as well as certain market assumptions. Cash flows after six years were estimated using a terminal value calculation, which considered terminal value growth at 3%, considering the long term revenue growth for entities in a similar industry in the PRC. The discount rate of approximately 13.5% was derived and used in the valuations which reflect the market assessment of the risks specific to the Company and its industry and is based on its weighted average cost of capital. The resulting fair value of the reporting unit was higher than its carrying value, and as such, the Company was not required to complete the second step; therefore, no impairment losses were recognized in 2012. Similarly, pursuant to the goodwill impairment tests in 2010 and 2011, no impairment losses were recognized. |
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Impairment of Long-Lived Assets and Intangibles |
The Company evaluates its long-lived assets or asset group, including intangible assets with finite lives, for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset or a group of long-lived assets may not be recoverable. When these events occur, the Company evaluates for impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the excess of the carrying amount of the asset group over its fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available for the long-lived assets. No impairment charge was recognized for each of the three years ended December 31, 2012. |
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Fair Value of Financial Instruments |
The Company’s financial instruments include cash and cash equivalents, restricted cash, accounts receivable, other receivables, short-term bank borrowings, accounts payable, balances with related parties, other payables, and long-term bank borrowings. Other than the long-term bank borrowings, the carrying values of these financial instruments approximate their fair values due to their short-term maturities. The long-term bank borrowings approximate their fair value since they bear interest rates which approximate market interest rates. The contingent consideration in both cash and shares are initially measured at fair value of the date of acquisitions of the Managed Network Entities, Gehua and Fastweb (Note 4) and subsequently remeasured at the end of each reporting period with an adjustment for fair value recorded to the current period expense. The Company, with the assistance of an independent third party valuation firm, determined the estimated fair value of the contingent consideration in both cash and shares that are recognized in the consolidated financial statements. |
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Revenue recognition |
The Company hosts customers’ servers and networking equipment, improving the performance, availability and security of their Internet services. The Company also provides managed network services to enable its customers to deliver data across the internet in a faster and more reliable manner through extensive data transmission network and BroadEx smart routing technology. Consistent with the criteria of Staff Accounting Bulletin No. 104, Revenue Recognition, the Company recognizes revenue from sales of these services when there is a signed sales agreement with fixed or determinable fees, services have been provided to the customer and collection of the resulting customer’s receivable is reasonably assured. The Company’s services are provided under the terms of a master service agreement, which will typically accompany a one-year term renewal option with the same terms and conditions. Customers can choose at the outset of the arrangement to either use the Company’s services through a monthly fixed fee arrangement or choose a plan based on actual bandwidth or traffic volume used during the month at fixed pre-set rates. The Company recognizes and bills for revenue for excess usage, if any, in the month of its occurrence to the extent a customer’s usage of the services exceeds their pre-set monthly fixed bandwidth usage and fee arrangements. The rates as specified in the master service agreements are fixed for the duration of the contract term and are not subject to adjustment.
The Company may charge its customers an initial set-up fee prior to the commencement of their services. The Company’s records these initial set-up fees as deferred revenue and recognizes revenue ratably over the period of the customer service agreement. Generally, all the Company’s customers’ service agreements will require some amount of initial set-up along with the selected service subscription. Business tax on revenues earned from provision of services to customers is recorded as a deduction from gross revenue to derive net revenue in the same period in which the related revenue is recognized. Except for Xi’an Tech, which is subject to a 5% business tax rate on their revenues, all the Company’s other PRC subsidiaries and its Consolidated VIE are subject to a 3% business tax rate. The business tax expenses for the years ended December 31, 2010, 2011 and 2012 amounted to RMB20,519, RMB42,241 and RMB56,106 (US$9,006), respectively. |
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Cost of revenues |
Cost of revenues consists primarily of telecommunication costs, depreciation of the Company’s long-lived assets, amortization of acquired intangible assets, maintenance, and data center rental expenses directly attributable to the provision of the IDC services. 21Vianet China is subject to business tax and other surcharges on the revenues earned for exclusive business support, technical and consulting services provided to 21Vianet Technology, pursuant to the VIE agreements (Note 1(v)). Such business tax and other surcharges are charged to cost of revenues as the related technical, consulting and rental services are rendered. |
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Advertising Expenditures |
Advertising expenditures are expensed as incurred and are included in sales and marketing expenses, which amounted to RMB3,468, RMB3,159 and RMB 4,426 (US$710) for the years ended December 31, 2010, 2011 and 2012, respectively. |
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Research and Development Expenses |
Research and development expenses consist primarily of payroll and related personnel costs for routine upgrades and related enhancements of the Company’s services and network. Research and development expenses are expensed as incurred. |
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Government Grants |
Government grants are provided by the relevant PRC municipal government authorities to subsidize the cost of certain research and development projects. The amount of such government grants are determined solely at the discretion of the relevant government authorities and there is no assurance that the Company will continue to receive these government grants in the future. Government grants are recognized when it is probable that the Company will comply with the conditions attached to them, and the grants are received. When the grant relates to an expense item, it is recognized in the statement of operations over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate, as a reduction of the related operating expense. When the grant relates to an asset, it is recognized as deferred government grants and released to the statement of operations in equal amounts over the expected useful life of the related asset, when operational, as a reduction of the related depreciation expense. |
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Leases |
Leases are classified at the inception date as either a capital lease or an operating lease. The Company did not enter into any leases whereby it is the lessor for any of the periods presented. As the lessee, a lease is a capital lease if any of the following conditions exists: a) ownership is transferred to the lessee by the end of the lease term, b) there is a bargain purchase option, c) the lease term is at least 75% of the property’s estimated remaining economic life, or d) the present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. A capital lease is accounted for as if there was an acquisition of an asset and an incurrence of an obligation at the inception of the lease. The Company entered into capital leases for certain fiber optic cables and network equipment in the years ended December 31, 2010, 2011 and 2012. All other leases are accounted for as operating leases wherein rental payments are expensed on a straight-line basis over the periods of their respective lease terms. The Company leases office space and employee accommodation under operating lease agreements. Certain lease agreements contain rent holidays and escalating rent. Rent holidays and escalating rent are considered in determining the straight-line rent expense to be recorded over the lease term. The lease term begins on the date of initial possession of the lease property for purposes of recognizing lease expense on a straight-line basis over the term of the lease. |
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Income Taxes |
The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Company applies ASC 740, Accounting for Income Taxes, to account for uncertainty in income taxes. ASC 740 prescribes a recognition threshold a tax position is required to meet before being recognized in the financial statements. The Company has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of “income tax” in the consolidated statements of operations. |
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Discontinued Operations |
In accordance with ASC 205-20, Discontinued Operations, when a component of an entity has been disposed of and the Company will no longer have significant continuing involvement in the operations of the component, the results of its operations should be classified as discontinued operations in the consolidated statement of operations for all periods presented. |
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Share-Based Compensation |
Share options and Restricted Stock Units (“RSUs”) granted to employees are accounted for under ASC 718, Compensation—Stock Compensation, which requires that share-based awards granted to employees be measured based on the grant date fair value and recognized as compensation expense over the requisite service period and/or performance period (which is generally the vesting period) in the consolidated statements of operations. The Company has elected to recognize compensation expense using the straight-line method for share-based awards granted with service conditions that have a graded vesting schedule. For share-based awards granted with performance conditions, the Company recognizes compensation expense using the accelerated method. The Company commences recognition of the related compensation expense if it is probable for the Company to estimate the fulfillment of the performance condition. To the extent that the Company determines that it is probable that a different number of share-based awards will vest depending on the outcome of the performance condition, the cumulative effect of the change in estimate is recognized in the period of change. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. The forfeiture rate is estimated based on historical and future expectations of employee turnover rates and are adjusted to reflect future changes in facts and circumstances, if any. Share-based compensation expense is recorded net of estimated forfeitures such that expense is recorded only for those share-based awards that are expected to vest. To the extent the Company revises this estimate in the future, the share-based payments could be materially impacted in the period of revision, as well as in following periods. During the years ended December 31, 2010, 2011 and 2012, the Company estimated that the forfeiture rate for both the management and non-management employees of the Company was zero. |
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Earnings Per Share |
In accordance with ASC 260, Earnings per Share, basic earnings per share is computed by dividing net earnings / loss attributable to ordinary shareholders by the weighted average number of unrestricted ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. The Company’s Series A, Series B and Series C contingently redeemable convertible preferred shares were participating securities. For the periods presented herein, the computation of basic earnings per share using the two-class method is not applicable as the participating securities did not have contractual rights and obligations to share in the losses of the Company. Accordingly, both the profit from continuing operations and loss from discontinued operations are allocated to the ordinary shareholders in the computation of basic earnings per share. Diluted earnings per share for continuing operations is calculated by dividing net profit from continuing operations attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Diluted earnings per share for discontinued operations is then calculated by dividing net loss from discontinued operations attributable to ordinary shareholders by the same number of potential ordinary shares determined in the earlier step. Contingently issuable shares, including performance-based share awards, are included in the computation of basic earnings per share only when there is no circumstance under which those shares would not be issued. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the Company’s preferred shares using the if-converted method and ordinary shares issuable upon the exercise of the share options, using the treasury stock method. Ordinary share equivalents are excluded from the computation of diluted per share if their effects would be anti-dilutive. |
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Share repurchase program |
Pursuant to a Board of Directors’ resolution on September 14, 2011, the Company’s management is authorized to repurchase up to US$30,000 of the Company’s ADSs (“Share Repurchase Plan”). During the period from September 14, 2011 to December 31, 2011, the Company repurchased 3,022,532 ADSs, under this plan for a consideration of US$29,900. There was no additional repurchase during 2012. The Company accounted for the repurchased shares as Treasury Stock at cost in accordance to ASC 505-30, Treasury Stock, and is shown separately in the statement of shareholder’s (deficit) equity, as the Company has not yet decided on the ultimate disposition of those ADSs acquired. When the Company decides to use the treasury stock to settle the stock consideration for the acquisitions (Note 17), the difference between the fair value at settlement date and the repurchase price is debited into additional paid-in capital. When the Company decides to retire the treasury stock, the difference between the original issuance price and the repurchase price is debited into additional paid-in capital. |
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Comprehensive income (loss) |
Comprehensive income (loss) is defined as the increase (decrease) in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Accumulated other comprehensive loss of the Company includes foreign currency translation adjustments related to the Company, 21Vianet HK, 21V Xi’an Holding, Fastweb Holdings and Fastweb HK, whose functional currency is US$. |
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Segment Reporting |
The Company’s chief operating decision-maker, who has been identified as the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and hence, the Company has only one operating and reportable segment. The Company operates and manages its IDC business as a single segment. As the Company’s long-lived assets are substantially all located in the PRC and substantially all the Company’s revenues are derived from within the PRC, no geographical segments are presented. |
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Employee Benefits |
The full-time employees of the Company’s PRC subsidiaries are entitled to staff welfare benefits including medical care, housing fund, pension benefits and unemployment insurance, which are governmental mandated defined contribution plans. These entities are required to accrue for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant PRC regulations, and make cash contributions to the state-sponsored plans out of the amounts accrued. |
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Recent Accounting Pronouncements |
In February 2013, the FASB issued ASU No. 2013-02 (“ASU 2013-02”), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which is intended to improve the reporting of reclassifications out of accumulated other comprehensive income. It does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the standard requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012, with early adoption permitted. The Company will adopt ASU 2013-02 beginning January 1, 2013 and does not expect the adoption to have a material impact on its consolidated financial statements. |
Total Compensation Expense Recognized Relating to Options Granted to Employees (Detail)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Dec. 31, 2011
CNY
|
Dec. 31, 2010
CNY
|
Dec. 31, 2012
Cost of revenues
USD ($)
|
Dec. 31, 2012
Cost of revenues
CNY
|
Dec. 31, 2011
Cost of revenues
CNY
|
Dec. 31, 2010
Cost of revenues
CNY
|
Dec. 31, 2012
Selling and Marketing Expense
USD ($)
|
Dec. 31, 2012
Selling and Marketing Expense
CNY
|
Dec. 31, 2011
Selling and Marketing Expense
CNY
|
Dec. 31, 2010
Selling and Marketing Expense
CNY
|
Dec. 31, 2012
General and administrative expense
USD ($)
|
Dec. 31, 2012
General and administrative expense
CNY
|
Dec. 31, 2011
General and administrative expense
CNY
|
Dec. 31, 2010
General and administrative expense
CNY
|
Dec. 31, 2012
Research and development expense
USD ($)
|
Dec. 31, 2012
Research and development expense
CNY
|
Dec. 31, 2011
Research and development expense
CNY
|
Dec. 31, 2010
Research and development expense
CNY
|
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||||||
Share based compensation expense | $ 10,856 | 67,632 | 41,959 | 71,844 | $ 725 | 4,517 | 2,157 | 4,645 | $ 1,687 | 10,508 | 5,763 | 11,884 | $ 7,664 | 47,749 | 31,420 | 48,899 | $ 780 | 4,858 | 2,619 | 6,416 |
SHARE BASED COMPENSATION (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Summary of Employee Share Option Activity Under Twenty Ten Plan | The following table summarized the Company’s employee share option activity under the 2010 Plan:
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Assumptions Used to Calculate Grant Date Estimated Fair Value of Share Options Using Black Scholes Option Valuation Model or Binomial Lattice Model | The Company calculated the estimated fair value of the share options on the grant date using the Black-Scholes Option model or Binomial-Lattice model for 2010, 2011 and 2012, respectively, with the following assumptions:
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Restricted Stock Units Activity | The following table summarizes the Company’s RSU activity (including RSUs with performance conditions) under the 2010 Plan:
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Total Compensation Expense Recognized Relating to Options Granted to Employees | Total compensation expense relating to options and RSUs granted to employees recognized for the years ended December 31, 2010, 2011 and 2012 is as follows:
|
GOODWILL (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
|
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Goodwill | Goodwill is comprised of the following:
|
Related Party Transactions (Detail)
In Thousands, unless otherwise specified |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 01, 2011
Shanghai Cloud 21Vianet Network Co., Ltd. ("Shanghai Cloud")
CNY
|
Dec. 31, 2010
VEE
Office Rental
CNY
|
Dec. 31, 2011
VEE
Service Revenue
CNY
|
Dec. 31, 2010
VEE
Service Revenue
CNY
|
Dec. 31, 2010
BJ Wanwei
Office Rental
CNY
|
Dec. 31, 2010
BJ Wanwei
Service Revenue
CNY
|
Dec. 31, 2010
BJ Wanwei
Sales of property and equipment
CNY
|
Dec. 31, 2012
SH Guotong
Service Revenue
USD ($)
|
Dec. 31, 2012
SH Guotong
Service Revenue
CNY
|
Dec. 31, 2011
SH Guotong
Service Revenue
CNY
|
Dec. 31, 2010
SH Guotong
Service Revenue
CNY
|
Dec. 31, 2011
GZ Juliang
Service Revenue
CNY
|
Dec. 31, 2010
GZ Juliang
Service Revenue
CNY
|
Dec. 31, 2011
21V BJ
Service Revenue
CNY
|
Dec. 31, 2010
21V BJ
Service Revenue
CNY
|
Dec. 31, 2011
21V FS
Service Revenue
CNY
|
Dec. 31, 2010
21V FS
Service Revenue
CNY
|
Dec. 31, 2010
Huo Ju Lian He
Service Revenue
CNY
|
Dec. 31, 2012
CE BJ
Service Revenue
CNY
|
Dec. 31, 2011
CE BJ
Service Revenue
CNY
|
Dec. 31, 2010
CE BJ
Service Revenue
CNY
|
Dec. 31, 2010
CE BJ
Sales of property and equipment
CNY
|
Dec. 31, 2010
CE BJ
Sales of Intangible Assets
CNY
|
Dec. 31, 2012
CE Soft BJ
Service Revenue
USD ($)
|
Dec. 31, 2012
CE Soft BJ
Service Revenue
CNY
|
Dec. 31, 2011
CE Soft BJ
Service Revenue
CNY
|
Dec. 31, 2010
CE Soft BJ
Service Revenue
CNY
|
Dec. 31, 2012
CE Soft BJ
Equipment
USD ($)
|
Dec. 31, 2012
CE Soft BJ
Equipment
CNY
|
Dec. 31, 2010
CE Soft BJ
Sales of property and equipment
CNY
|
Dec. 31, 2010
CE Soft BJ
Sales of Intangible Assets
CNY
|
Dec. 31, 2011
Tianjin Yunlifang
Service Revenue
CNY
|
Dec. 31, 2012
SH Guotong
Services
USD ($)
|
Dec. 31, 2012
SH Guotong
Services
CNY
|
Dec. 31, 2011
SH Guotong
Services
CNY
|
Dec. 31, 2010
SH Guotong
Services
CNY
|
Dec. 31, 2012
SH Guotong
Equipment
USD ($)
|
Dec. 31, 2012
SH Guotong
Equipment
CNY
|
Dec. 31, 2010
21V NB
Services
CNY
|
Dec. 31, 2011
21V NB
Equipment Rental
CNY
|
Dec. 31, 2012
21Vianet (Xi'an) Technology Co., Ltd. ("Xi'an Tech")
Services
USD ($)
|
Dec. 31, 2012
21Vianet (Xi'an) Technology Co., Ltd. ("Xi'an Tech")
Services
CNY
|
Dec. 31, 2011
21Vianet (Xi'an) Technology Co., Ltd. ("Xi'an Tech")
Services
CNY
|
Dec. 31, 2011
21Vianet (Xi'an) Technology Co., Ltd. ("Xi'an Tech")
Equipment Rental
CNY
|
Dec. 31, 2010
21Vianet (Xi'an) Technology Co., Ltd. ("Xi'an Tech")
Equipment Rental
CNY
|
Dec. 31, 2011
21Vianet (Xi'an) Technology Co., Ltd. ("Xi'an Tech")
Equipment
CNY
|
Dec. 31, 2010
21Vianet (Xi'an) Technology Co., Ltd. ("Xi'an Tech")
Equipment
CNY
|
Dec. 31, 2010
21V QD
Sales of Intangible Assets
CNY
|
Dec. 31, 2012
Bitcool Media
USD ($)
|
Dec. 31, 2012
Bitcool Media
CNY
|
Dec. 31, 2010
Chief Executive Officer and Director
CNY
|
Dec. 31, 2012
21V Xi'an
USD ($)
|
Dec. 31, 2012
21V Xi'an
CNY
|
Dec. 31, 2011
aBitCool Incorporated
Telehouse Beijing Company Limited
CNY
|
Dec. 31, 2011
Twenty One Vianet Zhi Hui Ke Ji Company Limited
Shanghai Cloud 21Vianet Network Co., Ltd. ("Shanghai Cloud")
CNY
|
Dec. 31, 2011
Twenty One Vianet Zhi Hui Ke Ji Company Limited
Shenzhen Cloud Information Technology Co., Ltd. ("Shenzhen Cloud")
CNY
|
Dec. 31, 2011
Beijing 21Vianet Zhi Hui Neng Yuan System Technology Company Limited
Shanghai Cloud 21Vianet Network Co., Ltd. ("Shanghai Cloud")
CNY
|
|
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transaction, loans provided | $ 2,371 | 14,771 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from related party transactions | 51 | 303 | 1,061 | 60 | 1,006 | 4,526 | 4,361 | 27,171 | 8,181 | 11,322 | 268 | 1,173 | 3 | 5 | 39 | 4 | 896 | 1 | 854 | 541 | 4,396 | 428 | 35 | 215 | 90 | 2 | 1,518 | 466 | 93 | 23 | 41 | 253 | |||||||||||||||||||||||||
Issuance of ordinary shares for Chen Sheng's past services- Sunrise | 206,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transaction expense | 1,066 | 6,639 | 2,554 | 2,905 | 149 | 442 | 887 | 5,526 | 8,836 | 897 | 13,178 | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase equity interests | 18,200 | 2,564 | 15,977 | 8,200 | 18,191 | 7,900 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transaction, purchase of equipment | $ 83 | 515 | $ 291 | 1,812 | 39,896 | 27,633 |
Acquisitions - Additional Information (Detail)
|
12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
21V Xi'an
CNY
|
Jul. 31, 2012
21V Xi'an
CNY
|
Jul. 02, 2012
21V Xi'an
CNY
|
Oct. 31, 2012
Fastweb Acquisition
CNY
|
Sep. 30, 2012
Fastweb Acquisition
CNY
|
Dec. 31, 2012
Fastweb Acquisition
CNY
|
Sep. 09, 2012
Fastweb Acquisition
CNY
|
Dec. 31, 2012
Fastweb Acquisition
Contract Backlog
|
Dec. 31, 2012
Fastweb Acquisition
Customer Relationship
|
Dec. 31, 2012
Fastweb Acquisition
Supplier Relationships
|
Dec. 31, 2012
Fastweb Acquisition
Platform Software
|
Dec. 31, 2012
iJoy Holding Limited
USD ($)
|
Nov. 30, 2012
iJoy Holding Limited
USD ($)
|
Sep. 20, 2012
iJoy Holding Limited
|
Sep. 20, 2012
iJoy Holding Limited
Maximum
USD ($)
|
May 31, 2012
Managed Network Entities
CNY
|
Dec. 31, 2011
Managed Network Entities
CNY
|
Dec. 15, 2011
Managed Network Entities
CNY
|
Sep. 30, 2010
Managed Network Entities
CNY
|
Dec. 31, 2012
Managed Network Entities
Equity Method Investments
CNY
|
Dec. 31, 2011
Managed Network Entities
Equity Method Investments
CNY
|
Oct. 01, 2011
Shanghai Cloud 21Vianet Network Co., Ltd. ("Shanghai Cloud")
CNY
|
Oct. 01, 2011
Shanghai Cloud 21Vianet Network Co., Ltd. ("Shanghai Cloud")
Held Directly by 21 Vianet Technology
|
Oct. 01, 2011
Shanghai Cloud 21Vianet Network Co., Ltd. ("Shanghai Cloud")
Held Directly by 21 Vianet Beijing
|
Oct. 27, 2011
Shenzhen Cloud Information Technology Co., Ltd. ("Shenzhen Cloud")
Held Directly by 21 Vianet Beijing
CNY
|
Oct. 19, 2011
Guangzhou Gehua Network Technology and Development Co., ("Gehua")
CNY
|
|||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||
Business acquisition, aggregate cash consideration | 15,977,000 | 15,977,000 | 33,395,000 | [1] | 50,000,000 | 14,820,000 | [2] | |||||||||||||||||||||||||
Revenue since acquisition date | 34,356,000 | |||||||||||||||||||||||||||||||
Net profit (loss) since acquisition date | (2,942,000) | 6,556,000 | ||||||||||||||||||||||||||||||
Business acquisition, equity interests acquired | 100.00% | 51.00% | 99.95% | 0.05% | 100.00% | 100.00% | ||||||||||||||||||||||||||
Business acquisition, total purchase consideration | 116,040,000 | 116,040,000 | 22,000,000 | 169,168,000 | 172,439,000 | 18,200,000 | 7,900,000 | 77,469,000 | ||||||||||||||||||||||||
Acquired Intangible assets estimated useful lives | 1 year | 7 years | 1 year | 5 years | ||||||||||||||||||||||||||||
Business acquisition, equity interests intend to acquire | 100.00% | |||||||||||||||||||||||||||||||
Loan facility provided to related parties | 2,000,000 | 50,000 | ||||||||||||||||||||||||||||||
Business acquisition, fair value of call option | 6,765,000 | |||||||||||||||||||||||||||||||
Cash consideration paid | 9,373,000 | 7,502,000 | 2,542,000 | 67,375,000 | ||||||||||||||||||||||||||||
Business acquisition, acquisition of remaining equity interests | 49.00% | |||||||||||||||||||||||||||||||
Business acquisition, difference between fair value of purchase consideration and carrying amount of non-controlling interest | 42,288,000 | |||||||||||||||||||||||||||||||
|
Related Party Transactions - Additional Information (Detail) (Bitcool Media)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
|
Transactions with Third Party [Line Items] | ||
Annual interest rate on loan provided | 3.00% | 3.00% |
Interest Income from related pary loan | $ 41 | 253 |
Loan maturity date | 2013-04 | 2013-04 |
TAXATION (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
|
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Profit or Loss From Continuing Operations Before Income Taxes | (Loss) profit from continuing operations before income taxes consists of:
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Income Tax Benefit Expense | Income tax benefit (expense) comprises of:
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Reconciliation Tax Computed Applying Statutory Income Tax Rate | The reconciliation of tax computed by applying the statutory income tax rate of 25% for the years ended December 31, 2010, 2011 and 2012 applicable to the PRC operations to income tax expense is as follows:
|
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Tax Holiday Benefit Per Basic and Diluted Earnings Per Share | The benefit of the tax holiday per basic earnings per share is as follows:
|
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Significant Components of Deferred Taxes | The significant components of deferred taxes are as follows:
|
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Unrecognized Tax Benefits | A roll-forward of unrecognized tax benefits is as follows:
|
Accounts Receivable and Allowance for Doubtful Accounts (Detail)
In Thousands, unless otherwise specified |
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Dec. 31, 2011
USD ($)
|
Dec. 31, 2011
CNY
|
Dec. 31, 2010
CNY
|
---|---|---|---|---|---|
Accounts and Other Receivables [Line Items] | |||||
Accounts receivable | $ 47,144 | 293,710 | 149,745 | ||
Allowance for doubtful debts | (55) | (341) | (341) | (2,121) | (2,453) |
Accounts receivable (net of allowance for doubtful accounts of RMB2,121 and RMB341 (US$55) as of December 31, 2011 and 2012, respectively) | $ 47,089 | 293,369 | 147,624 |
Preferred Shares - Additional Information (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified |
1 Months Ended | |||||||||||||||||
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Feb. 28, 2011
|
Jan. 31, 2011
|
Oct. 31, 2010
Beijing aBitCool Network Technology Co., Ltd. ("21Vianet Technology")
Internet Data Center Services
|
Oct. 31, 2010
Beijing aBitCool Network Technology Co., Ltd. ("21Vianet Technology")
Non Internet Data Center Services
|
Dec. 31, 2012
Series A preferred shares
|
Oct. 31, 2010
Series A preferred shares
|
Dec. 31, 2012
Series A preferred shares
Minimum
|
Dec. 31, 2012
Series B preferred shares
|
Oct. 31, 2010
Series B preferred shares
|
Dec. 31, 2012
Series B preferred shares
Minimum
|
Dec. 31, 2012
Series B preferred shares
After December 1, 2012
|
Oct. 31, 2010
Series A1 Preferred Stock
|
Oct. 31, 2010
Series A2 Preferred Stock
|
Oct. 31, 2010
Series A3 Preferred Stock
|
Oct. 31, 2010
Series B1 Preferred Stock
|
Oct. 31, 2010
Series B2 Preferred Stock
|
Feb. 28, 2011
Series C1 Preferred Stock
|
Jan. 31, 2011
Series C1 Preferred Stock
|
|
Class of Stock [Line Items] | ||||||||||||||||||
Convertible preferred shares, issued | 41,408,340 | 69,557,840 | 30,411,130 | 5,944,580 | 5,052,630 | 10,947,370 | 58,610,470 | 5,313,820 | 31,882,930 | |||||||||
Percentage of outstanding number of preferred aBitCool | 85.00% | 15.00% | ||||||||||||||||
Convertible preferred shares, issuance price | $ 1.33 | $ 1.24 | $ 0.45 | $ 0.77 | $ 0.51 | $ 0.51 | $ 0.63 | |||||||||||
Preferred Shares holders, percentage of stated issuance price entitled to receive | 100.00% | 100.00% | ||||||||||||||||
Series B Preferred Shares, redemption price percentage of stated issuance price | 120.00% | |||||||||||||||||
Preferred Shares, conversion ratio into an ordinary share | 1 | 1 | ||||||||||||||||
Percentage of outstanding Preferred Shares holders vote required for conversion into ordinary shares | 51.00% | 51.00% | ||||||||||||||||
Convertible preferred shares, total gross cash proceeds | $ 5,000 | $ 30,000 | ||||||||||||||||
Effective conversion price | $ 1.28 | $ 1.31 | $ 1.28 | $ 1.34 | $ 1.37 | $ 0.94 | $ 0.94 | |||||||||||
Preferred stock, redemption price per share | $ 0.61 | $ 0.76 | ||||||||||||||||
Beneficial conversion features recorded | $ 2,051 | $ 9,662 |
PROPERTY AND EQUIPMENT, NET (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Property and Equipment Including Those Held under Capital Leases | Property and equipment, including those held under capital leases, consist of the following:
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Depreciation Expense | Depreciation expense was RMB19,673, RMB58,873 and RMB92,786 (US$14,893) for the years ended December 31, 2010, 2011 and 2012, respectively, and were included in the following captions:
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Carrying Amounts of Property and Equipment Held under Capital Leases | The carrying amounts of the Company’s property and equipment held under capital leases at respective balance sheet dates were as follows:
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Carrying Amounts of Computer and Network Equipment Pledged to Secure Banking Borrowings | The carrying amounts of computer and network equipment pledged by the Company to secure banking borrowings (Note 12) granted to the Company at the respective balance sheet dates were as follows:
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(LOSS) EARNINGS PER SHARE
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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(LOSS) EARNINGS PER SHARE |
Basic and diluted (loss) earnings per share for each of the years presented are calculated as follows:
On March 31, 2011, the Company’s shareholders approved and executed a ten-for-one split of the Company’s ordinary shares and preferred shares. Each ordinary share and preferred share of the Company was subdivided into 10 shares at a par value of US$0.00001. All shares and per share amounts presented in the accompanying consolidated financial statements have been revised on a retroactive basis to give effect to the share split. The par value per ordinary share and preferred share has been retroactively revised as if it had been adjusted in proportion to the ten-for-one share split. In 2011, the Company issued 8,207,178 ordinary shares to its share depositary bank which will be used to settle stock option awards upon their exercise. No consideration was received by the Company for this issuance of ordinary shares. These ordinary shares are legally issued and outstanding but are treated as escrowed shares for accounting purposes and therefore, have been excluded from the computation of earnings per share. Any ordinary shares not used in the settlement of stock option awards will be returned to the Company. Contingently issuable shares related to the portion of contingent consideration for the acquisitions of Managed Network Entities, Gehua and Fastweb (Note 4) in the form of shares that are based on targets that have been fixed are included in the computation of basic earnings per share as the Company does not expect any circumstances under which these shares would not be issued. |
Analysis of Allowance for Doubtful Accounts (Detail)
In Thousands, unless otherwise specified |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Dec. 31, 2011
CNY
|
Dec. 31, 2010
CNY
|
|
Accounts and Other Receivables [Line Items] | ||||
Balance at beginning of the year | $ 341 | 2,121 | 2,453 | |
Provision | 86 | 538 | 183 | 1,097 |
Write-off of accounts receivable | (372) | (2,318) | (515) | |
Balance at the end of the year | $ 55 | 341 | 2,121 | 2,453 |
Significant Components of Deferred Taxes (Detail)
In Thousands, unless otherwise specified |
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Dec. 31, 2011
CNY
|
---|---|---|---|
Current | |||
Allowance for doubtful accounts | $ 8 | 53 | 314 |
Accrued salary and welfare | 576 | 3,589 | 2,407 |
Accrued expenses | 225 | 1,403 | 512 |
Contingent consideration payables-current | 562 | 3,498 | 1,727 |
Deferred government grant | 11 | 67 | |
Valuation allowance | (4) | (25) | (88) |
Net current deferred tax assets | 1,378 | 8,585 | 4,872 |
Non-current | |||
Tax losses | 1,378 | 8,586 | 5,333 |
Property and equipment | 1,140 | 7,102 | 4,824 |
Deferred government grant | 729 | 4,540 | 1,281 |
Contingent consideration payables-non current | 142 | 883 | 5,866 |
Others | 23 | ||
Valuation allowance | (1,586) | (9,880) | (4,554) |
Net non-current deferred tax assets | 1,803 | 11,231 | 12,773 |
Total deferred tax assets | 3,181 | 19,816 | 17,645 |
Non-current | |||
Intangible assets | 6,699 | 41,736 | 39,682 |
Capitalized interest | 470 | 2,930 | |
Total deferred tax liabilities | $ 7,169 | 44,666 | 39,682 |
Loss Earnings Per Share - Additional Information (Detail) (USD $)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2011
|
Mar. 31, 2011
|
|
Earnings Per Share Disclosure [Line Items] | ||
shares, stock split | 10 | |
Ordinary shares, par value | $ 0.00001 | |
Convertible preferred shares, par value | $ 0.00001 | |
Ordinary shares issued to share depositary bank | 8,207,178 | |
Convertible Preferred Stock
|
||
Earnings Per Share Disclosure [Line Items] | ||
shares, stock split | 10 |
Commitments and Contingencies - Additional Information (Detail)
In Thousands, unless otherwise specified |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2012
CNY
|
Dec. 31, 2012
Noncurrent Liability
USD ($)
|
Dec. 31, 2012
Noncurrent Liability
CNY
|
Dec. 31, 2012
PRC
USD ($)
|
Dec. 31, 2012
PRC
CNY
|
Dec. 31, 2011
PRC
CNY
|
Dec. 31, 2010
PRC
CNY
|
|
Commitments and Contingencies [Line Items] | |||||||
Investment commitments | 50,500 | ||||||
Operating leases, total rental expenses | 3,865 | 24,082 | 15,363 | 7,346 | |||
Accrual for unrecognized tax benefits and interest | $ 1,981 | 12,340 |
Purchase Consideration (Parenthetical) (Detail)
|
1 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2012
Fastweb Acquisition
CNY
|
Sep. 30, 2012
Fastweb Acquisition
CNY
|
Dec. 31, 2012
Fastweb Acquisition
USD ($)
|
Dec. 31, 2012
Fastweb Acquisition
CNY
|
Oct. 19, 2011
Guangzhou Gehua Network Technology and Development Co., ("Gehua")
CNY
|
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Business Acquisition [Line Items] | |||||||||||
Cash consideration paid | 9,373,000 | 7,502,000 | |||||||||
Cash consideration payable | 16,875,000 | ||||||||||
Fair value of contingent consideration in shares | 6,613,000 | 41,197,000 | |||||||||
Business acquisition, cash consideration | 33,395,000 | [1] | 14,820,000 | [2] | |||||||
|
Intangible Assets Net - Additional Information (Detail)
In Thousands, unless otherwise specified |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Dec. 31, 2011
CNY
|
Dec. 31, 2010
CNY
|
Dec. 31, 2012
Radio Spectrum License
CNY
|
Dec. 31, 2012
Radio Spectrum License
HKD
|
Dec. 31, 2012
Network Use Right
CNY
|
Dec. 31, 2012
Minimum
|
Dec. 31, 2012
Maximum
|
Dec. 31, 2012
Customer Relationships
Minimum
|
Dec. 31, 2012
Customer Relationships
Maximum
|
|
Intangible Assets [Line Items] | |||||||||||
License fee | 150,000 | ||||||||||
Estimated useful life of intangible assets | 15 years | 15 years | 20 years | 5 years | 20 years | 4 years | 8 years | ||||
Upfront fee | 20,000 | ||||||||||
Intangible assets, amortization expenses | $ 5,678 | 35,377 | 30,104 | 11,658 | 6,119 | 167 |
RELATED PARTY TRANSACTIONS (Tables)
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Dec. 31, 2012
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Related Party Transactions |
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Related Party Balances |
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Parent Company
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Related Party Transactions | The Company had the following related party transactions for the years ended December 31, 2010, 2011 and 2012:
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Future Minimum Lease Payments Under Non Cancelable Operating Leases (Detail)
In Thousands, unless otherwise specified |
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
---|---|---|
Operating Leased Assets [Line Items] | ||
2013 | $ 13,383 | 83,377 |
2014 | 13,194 | 82,202 |
2015 | 12,718 | 79,235 |
2016 | 12,192 | 75,958 |
2017 and thereafter | 57,948 | 361,019 |
Operating Leases, Future Minimum Payments Due, Total | $ 109,435 | 681,791 |
Purchase Consideration for Acquiring Equity Interest in CYSD and ZBXT (Detail) (Managed Network Entities, CNY)
In Thousands, unless otherwise specified |
Dec. 15, 2011
|
Sep. 30, 2010
|
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Managed Network Entities
|
|||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash consideration | 50,000 | [1] | |||||||||||
Contingent consideration in cash | 69,917 | 38,536 | [2],[3] | ||||||||||
Contingent ordinary shares issuance | 99,251 | 75,494 | [2],[3],[4] | ||||||||||
Option to acquire the Company's ordinary shares | 15,174 | [3],[5] | |||||||||||
Less: Call option to purchase the remaining 49% equity interest in the Managed Network Entities | (6,765) | [5] | |||||||||||
Total fair value of purchase price consideration | 169,168 | 172,439 | |||||||||||
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Carrying Amounts of Property and Equipment Held Under Capital Leases (Detail)
In Thousands, unless otherwise specified |
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Dec. 31, 2011
CNY
|
Dec. 31, 2012
Computer and network equipment
USD ($)
|
Dec. 31, 2012
Computer and network equipment
CNY
|
Dec. 31, 2011
Computer and network equipment
CNY
|
Dec. 31, 2012
Optical fibers
USD ($)
|
Dec. 31, 2012
Optical fibers
CNY
|
Dec. 31, 2011
Optical fibers
CNY
|
---|---|---|---|---|---|---|---|---|---|
Capital Leased Assets [Line Items] | |||||||||
Property and Equipment Held Under Capital Leases, gross | $ 24,393 | 151,972 | 143,672 | $ 14,008 | 87,272 | 80,578 | $ 10,385 | 64,700 | 63,094 |
Less: accumulated depreciation | (5,315) | (33,115) | (15,790) | ||||||
Property and Equipment Held Under Capital Leases, net | $ 19,078 | 118,857 | 127,882 |
Short-Term Investments - Additional Information (Detail)
In Thousands, unless otherwise specified |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Dec. 31, 2011
CNY
|
Dec. 31, 2010
CNY
|
Dec. 31, 2012
Short-term investments
USD ($)
|
Dec. 31, 2012
Short-term investments
CNY
|
Dec. 31, 2011
Short-term investments
CNY
|
|
Investment [Line Items] | |||||||
Investments, interest income | $ 2,616 | 16,301 | 14,939 | 580 | $ 2,040 | 12,708 | 12,961 |
Carrying Amounts of Computer and Network Equipment Pledged to Secure Banking Borrowings (Detail)
In Thousands, unless otherwise specified |
Dec. 31, 2012
Buildings
USD ($)
|
Dec. 31, 2012
Buildings
CNY
|
Dec. 31, 2012
Computer and network equipment
USD ($)
|
Dec. 31, 2012
Computer and network equipment
CNY
|
Dec. 31, 2011
Computer and network equipment
CNY
|
---|---|---|---|---|---|
Property, Plant, and Equipment Disclosure [Line Items] | |||||
Assets pledged as collateral | $ 3,111 | 19,381 | $ 7,435 | 46,320 | 20,000 |
Purchase Consideration for Acquiring Equity Interest in CYSD and ZBXT (Parenthetical) (Detail) (Managed Network Entities)
|
Dec. 31, 2012
|
Dec. 31, 2012
CNY
|
Sep. 30, 2010
CNY
|
---|---|---|---|
Business Acquisition [Line Items] | |||
Business acquisition, cash consideration | 50,000,000 | ||
Business acquisition, options issued to acquire ordinary shares | 25,000,000 | ||
Business acquisition, exercise price of options issued | 8.61 | 8.61 |
Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Date of Acquisition (21V Xi'an) (Detail)
|
12 Months Ended | 1 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Jul. 31, 2012
21V Xi'an
CNY
|
Jul. 02, 2012
21V Xi'an
CNY
|
Jul. 31, 2012
21V Xi'an
Due to related parties
CNY
|
|
Net assets acquired | |||||
Current assets | 7,284,000 | ||||
Property and equipment, net | 24,820,000 | ||||
Other payables | (2,761,000) | (390,000) | |||
Deferred tax liability | (2,437,000) | ||||
Total net assets acquired | 26,516,000 | ||||
Purchase consideration | 15,977,000 | 15,977,000 | |||
Bargain purchase gain recognized | $ (1,692,000) | (10,539,000) | (10,539,000) |
TREASURY STOCK
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
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TREASURY STOCK |
During 2011, the Company repurchased 3,022,532 ADSs under the Share Repurchase Plan for a total consideration of approximately US$29,918. In December 2011, 350,000 ADSs were issued to the seller of the Managed Network Entities as part of the stock consideration owed to purchase the 49% equity interest of the Managed Network Entities. In April 2012, 998,607 ADSs, 932,829 ADSs and 316,803 ADSs were issued to the sellers of the Managed Network Entities and Gehua as part of the stock consideration owed to purchase the 51% equity interest of the Managed Network Entities, 49% equity interest of the Managed Network Entities and the 100% equity interest of Gehua, respectively. In December 2012, an additional 95,000 ADSs were issued to the seller of the Managed Network Entities as part of the stock consideration owed to purchase the 51% equity interest of Managed Network Entities. |
Related Party Balances Parent Company Only (Detail)
In Thousands, unless otherwise specified |
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Dec. 31, 2011
CNY
|
Dec. 31, 2012
Sellers of Fastweb
USD ($)
|
Dec. 31, 2012
Sellers of Fastweb
CNY
|
Dec. 31, 2012
21Vianet Hong Kong
USD ($)
|
Dec. 31, 2012
21Vianet Hong Kong
CNY
|
Dec. 31, 2011
21Vianet Hong Kong
CNY
|
Dec. 31, 2012
Beijing 21ViaNet Broadband Data Center Co., Ltd ("21Vianet Beijing")
USD ($)
|
Dec. 31, 2012
Beijing 21ViaNet Broadband Data Center Co., Ltd ("21Vianet Beijing")
CNY
|
Dec. 31, 2011
Beijing 21ViaNet Broadband Data Center Co., Ltd ("21Vianet Beijing")
CNY
|
Dec. 31, 2011
Beijing aBitCool Network Technology Co., Ltd. ("21Vianet Technology")
CNY
|
Dec. 31, 2011
Zhiboxintong Beijing Network Technology Co., Ltd (ZBXT)
CNY
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Related Party Transaction [Line Items] | |||||||||||||
Amount due from subsidiaries | $ 157,340 | 980,246 | 497,851 | $ 155,514 | 968,866 | 484,442 | $ 1,826 | 11,380 | 13,409 | ||||
Amount due to subsidiaries | 114 | 66 | 48 | ||||||||||
Amount due to related parties, current | 2,709 | 16,875 | |||||||||||
Amount due to related parties, non current | 5,715 | 35,601 | |||||||||||
Amount due to related parties | $ 8,424 | 52,476 |
BANK BORROWINGS (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Summary of Bank Borrowings | Bank borrowings are as follows as of the respective balance sheet dates:
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Current and Non-Current Portions of Long Term Bank Borrowings | The current and non-current portions of long-term bank borrowings as of December 31, 2012 will be due in installments between the periods of May 25, 2013 to May 25, 2015, as follows:
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Secured or Guaranteed Short Term Bank Borrowings | Bank borrowings as of December 31, 2011 and 2012 were secured/guaranteed by the following: December 31, 2011
December 31, 2012
|
ACQUISITIONS (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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21V Xi'an
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Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Date of Acquisition | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the date of acquisition:
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Fastweb Acquisition
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Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Date of Acquisition | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the date of acquisition:
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Purchase Price Consideration | As part of the Company’s business expansion strategy into content delivery network (“CDN”) services, the Company acquired 100% equity interests in Fastweb for a total purchase consideration of RMB116,040 on September 9, 2012, as follows:
Details of the purchase consideration are as follows:
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Unaudited Pro Forma Consolidated Financial Information | The pro forma adjustments are based on available information and certain assumptions the management believes are reasonable.
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Managed Network Entities
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Purchase Price Consideration | As a part of the Company’s business expansion strategy into the provision of managed network services that are complementary to its core IDC business, the Company through 21Vianet Beijing, acquired a 51% equity interest in CYSD and ZBXT (collectively, the “Managed Network Entities”) from a related party for a total purchase consideration of RMB172,439 on September 30, 2010, as follows:
Details on the purchase consideration are discussed as follows:
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Business Acquisition | On December 15, 2011, the Company exercised the option to acquire the remaining 49% equity interest of the Managed Network Entities, as follows:
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Guangzhou Gehua Network Technology and Development Co., ("Gehua")
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Purchase Price Consideration | As a part of the Company’s business expansion strategy into the provision of managed network services that are complementary to its core IDC business, the Company through 21Vianet Beijing, acquired 100% equity interest in Gehua from a related party for a total purchase consideration of RMB 77,469 on October 19, 2011, as follows:
Details on the purchase consideration are discussed as follows:
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Unaudited Pro Forma Consolidated Financial Information (Detail)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Dec. 31, 2011
CNY
|
|
Business Acquisition [Line Items] | |||
Net revenue | $ 252,792 | 1,574,918 | 1,076,518 |
Net profit | $ 8,019 | 49,957 | 42,498 |
Earnings per share basic (RMB) | $ 0.02 | 0.14 | 0.06 |
Secured or Guaranteed Bank Borrowings (Detail)
In Thousands, unless otherwise specified |
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Dec. 31, 2011
CNY
|
Dec. 31, 2012
Restricted Cash
Long-Term Loan One
CNY
|
Dec. 31, 2012
Restricted Cash
Long-Term Loan Two
CNY
|
Dec. 31, 2011
Jointly guaranteed by third party, company's computer and network equipment, Director and CEO and Director and COO
Short Term Loan One
CNY
|
Dec. 31, 2012
Jointly guaranteed by third party, company's computer and network equipment, Director and CEO and Director and COO
Short Term Loan Six
CNY
|
Dec. 31, 2012
Jointly guaranteed by third party, company's computer and network equipment, Director and CEO and Director and COO
Short Term Loan Seven
CNY
|
Dec. 31, 2011
Mr. Chen Sheng and Mr. Zhang Jun
Short Term Loan Three
CNY
|
Dec. 31, 2012
Mr. Chen Sheng and Mr. Zhang Jun
Short Term Loan Eight
CNY
|
Dec. 31, 2011
Third Party Guarantor
Short Term Loan Two
CNY
|
Dec. 31, 2012
Jointly guaranteed by third party and company's computer and network equipment
Short Term Loan Five
CNY
|
Dec. 31, 2012
Jointly guaranteed by Director and CEO, Director and COO and restricted cash
Short Term Loan Nine
CNY
|
Dec. 31, 2011
Unsecured Loans
Short Term Loan Four
CNY
|
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Debt Instrument [Line Items] | ||||||||||||||
Bank borrowings | $ 28,404 | 176,961 | 100,000 | 30,000 | 30,000 | 30,000 | 30,000 | 90,000 | 30,000 | 20,000 | 6,961 | 10,000 | ||
Long-term borrowings | $ 37,058 | 230,879 | 63,000 | 167,879 |
SUBSEQUENT EVENTS
|
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
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SUBSEQUENT EVENTS |
On February 4, 2013, the Company through 21Vianet Beijing, entered into a lease agreement with Beijing Xingguang Tuocheng Investment Co., Ltd. for property and buildings for purposes of building out a new data center in the Daixing District of Beijing. The lease term is 20 years, with the first 3.5 years rent-free. After the rent-free period ends, the rent for the next 9 years will be RMB471,628, and the rent thereafter will be negotiated at a later date.
On February 28, 2013, the Company through 21Vianet Beijing, entered into a share purchase agreement to acquire 100% equity interest in Beijing Tianwang Online Communication Technology Co., Ltd and Beijing Yilong Xinda Technology Co., Ltd. (collectively the “Target Companies”) from Beijing Kaihua Kewei Technology Company Limited. The Target Companies principally provide virtual private network services and managed network services. The consideration for the Target Companies includes RMB17,500 in cash, as well as additional contingent consideration in both cash and shares. The contingent consideration is based on the achievement by the Target Companies of certain financial performance targets in accordance with the sales and purchase agreement for the fiscal years 2013 and 2014, as well as compliance with the terms of the sales and purchase agreement. The Company is in the process of determining the fair value of the assets acquired and liabilities assumed to allocate the purchase price, as well as the fair value of the contingent consideration in both cash and shares.
On March 22, 2013, the Company closed on an offering of RMB1,000,000 (equivalent to US$160,500) in aggregate principal amount of bonds due 2016 at a coupon rate of 7.875% per annum (“2016 Bonds”). The 2016 Bonds were listed and quoted on the Official List of the Singapore Exchange Securities Trading Limited (the “SGX-ST”). Interest on the 2016 Bonds is payable semi-annually in arrears on March 22 and September 22 in each year, beginning September 22, 2013. The Company intends to use the 2016 Bond proceeds for data center expansion and other general corporate purposes. |
CAPITAL LEASE OBLIGATIONS (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Future Minimum Lease Payments Under Non Cancellable Capital Lease Arrangements | Future minimum lease payments under non-cancellable capital lease arrangements are as follows:
|
Estimated Useful Lives of Property and Equipment (Detail)
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Buildings
|
|
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property and equipment, estimated useful life | 25 years |
Leasehold improvements
|
|
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property and equipment, estimated useful life | Over the shorter of lease term or the estimated useful lives of the assets |
Optical fibers
|
|
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property and equipment, estimated useful life | 20 years |
Computer and network equipment
|
|
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property and equipment, estimated useful life | 5 years |
Office equipment
|
|
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property and equipment, estimated useful life | 5 years |
Motor vehicles
|
|
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Property and equipment, estimated useful life | 5 years |
Restricted Stock Units Activity (Detail) (Restricted Stock Units (RSUs), USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Restricted Stock Units (RSUs)
|
|
Number of RSUs | |
Granted | 812,187 |
Vested | (107,582) |
Forfeited | (18,762) |
Unvested, ending balance | 685,843 |
Weighted-average grant date fair value | |
Granted | $ 10.27 |
Vested | $ 11.01 |
Forfeited | $ 11.31 |
Unvested, ending balance | $ 10.12 |
Weighted-average remaining contractual terms (Years) | |
Unvested, December 31, 2012 | 9 years 4 months 24 days |
Aggregated intrinsic value | |
Unvested, December 31, 2012 | $ 1,098 |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Condensed Balance Sheets | Condensed balance sheets
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Condensed Statements of Operations | Condensed statements of operations
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Condensed Statements of Cash Flows | Condensed statements of cash flows
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Parent Company
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Related Party Balance | The Company had the following related party balances as of December 31, 2011 and 2012:
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INTANGIBLE ASSETS, NET (Tables)
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Dec. 31, 2012
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Summary of Intangible Assets | The following table presents the Company’s intangible assets as of the respective balance sheet dates:
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Annual Estimated Amortization Expenses of Intangible Assets | The annual estimated amortization expenses for the intangible assets for each of the next five years are as follows:
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ORGANIZATION
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ORGANIZATION |
21Vianet Group, Inc. (the “Company”) was incorporated under the laws of the Cayman Islands on October 16, 2009. The Company through its subsidiaries and consolidated variable interest entities (as disclosed in the table below) are principally engaged in the provision of Internet Data Center services (“IDC” or “IDC Business”) in the People’s Republic of China (the “PRC”). On April 21, 2011, the Company completed its initial public offering of 14,950,000 American Depositary Shares (“ADS”) at US$15 per ADS. Each ADS comprises six ordinary shares. The net proceeds to the Company from the offering amounted to RMB1,332,904. (a) As of December 31, 2012, subsidiaries of the Company and its consolidated variable interest entities where the Company is the primary beneficiary includes the following entities:
As more fully described below, through a series of transactions which are accounted for as a reorganization of entities where the transactions were deemed to lack substance and accounted for in a manner similar to a pooling-of interest, the Company became the ultimate parent entity of such subsidiaries and consolidated variable interest entity by October 31, 2010. Accordingly, the accompanying consolidated financial statements have been prepared as if the current corporate structure had been in existence throughout the periods presented. (b) Upon incorporation, the Company was wholly owned by aBitCool, a company owned by a group of four ordinary shareholders. Prior to the reorganization, the Company’s IDC and Non-IDC operations were conducted by aBitCool, substantially all of which was conducted through the same subsidiaries and variable interest entities set forth above. In addition, aBitCool was also engaged in other insignificant business operations, which were dissimilar and incidental to the core IDC Business, through five subsidiaries/investees of certain of the above entities, which have insignificant assets, liabilities and operating results since their inception. aBitCool also issued Series A contingently redeemable convertible preferred shares in 2006, 2007 and 2008 and Series B contingently redeemable convertible preferred shares in 2007 and 2008, to a number of third party investors, the proceeds of which had been used to finance the operations and investing activities of these business through a series of intercompany loans. In preparation of its IPO for the IDC business, the Company undertook the following transactions to reorganize the structure of the listing group:
SH Guotong—SH Guotong’s operations had historically comprised the IDC and Non-IDC Businesses since its acquisition on June 22, 2007. The divestiture of the Company’s Non-IDC Business to its ultimate shareholders was contemplated as part of the Company’s corporate restructuring pursuant to their ultimate IPO plans of the IDC Business. As part of the restructuring, 21Vianet Beijing (i) on April 30, 2009 legally disposed of SH Guotong to the nominee shareholders of aBitCool, in return for cash consideration of RMB68,960, which was subsequently settled in September 2010 and was recorded in amounts due from related parties as of December 31, 2009 and (ii) on March 31, 2010, legally repurchased the IDC Business’ long-lived assets, employees, and sales agreements of SH Guotong from same nominee shareholders of aBitCool for a cash consideration of RMB1,426. From the date of the disposal to date of repurchase, SH Guotong remained under the ownership of the same shareholder group and management of the Company continued to manage both SH Guotong’s IDC and Non-IDC Businesses. As such, the Company concluded that there was no substance to the legal disposal, other than part of the plan to effect a divestiture of the Non-IDC Business of SH Guotong to the Company’s ultimate shareholders. The cash consideration exchanged for the disposal and repurchase was required under the prevailing PRC tax regulations for the disposal of equity interests or assets, and was recorded as a deemed contribution and distribution from and to shareholders, respectively. On March 31, 2010, when in substance, the Non-IDC Business was disposed to the Company’s ultimate shareholders, the Company deconsolidated the net assets of SH Guotong’s Non-IDC Business at their respective carrying values totaling RMB27,869, which was recorded as a deemed distribution to the shareholders. On the same date, the divested Non-IDC Business qualified for discontinued operation in accordance with Accounting Standards Codification (“ASC”) 205-20, Discontinued Operations, and its operating results have been accordingly presented in the consolidated statements of operations for all years presented (Note 22). GZ Juliang—GZ Juliang’s operations had historically comprised the IDC and Non-IDC Businesses since its incorporation on January 4, 2008. The divestiture of the Company’s Non-IDC Business to its ultimate shareholders was contemplated as part of the Company’s corporate restructuring pursuant to their ultimate IPO plans of the IDC Business. As part of the restructuring, 21Vianet Beijing (i) on March 1, 2010 legally disposed of GZ Juliang to the nominee shareholders of aBitCool, in return for cash consideration of RMB10,000, which was subsequently settled in August 2010 and (ii) on March 31, 2010, legally repurchased the IDC Business’ long-lived assets, employees, and sales agreements of GZ Juliang from same nominee shareholders of aBitCool for a cash consideration of RMB858. From the date of the disposal to date of repurchase, GZ Juliang remained under the ownership of the same shareholder group and management of the Company continued to manage both GZ Juliang’s IDC and Non-IDC Businesses. As such, the Company concluded that there was no substance to the legal disposal, other than part of the plan to effect a divestiture of the Non-IDC Business of GZ Juliang to the Company’s ultimate shareholders. The cash consideration exchanged for the disposal and repurchase was required under the prevailing PRC tax regulations for the disposal of equity interests or assets, and was recorded as a deemed contribution and distribution from and to shareholders, respectively. On March 31, 2010, when in substance, the Non-IDC Business was disposed to the Company’s ultimate shareholders, the Company deconsolidated the net assets of GZ Juliang’s Non-IDC Business at their respective carrying values totaling RMB2,764, which was recorded as a deemed distribution to the shareholders. On the same date, the divested Non-IDC Business qualified for discontinued operation in accordance with ASC 205-20, and its operating results have been accordingly presented in the consolidated statements of operations for all years presented (Note 22).
In 2008, 21Vianet Beijing injected RMB36,000 of capital injection into two of these entities that have been carved out of these historical financial statements, and as such, the amount is recorded as a deemed distribution to shareholders. In 2010, 21Vianet Beijing and 21Vianet Technology legally disposed two carved-out subsidiaries and a carved-out associate, to aBitCool, for cash consideration of RMB36,000 and RMB3,300, respectively. As these entities have already been carved out of these consolidated financial statements, the cash consideration received was recorded as a deemed contribution from shareholders.
Given there was no change in each shareholder’s proportionate shareholdings and respective rights and obligations before and after the reorganization, the transaction was deemed to lack substance and accounted for in a manner similar to a pooling-of interest with the assets and liabilities stated at their historical amounts in the Company’s consolidated financial statements. Accordingly, the accompanying consolidated financial statements have been prepared as if the current corporate structure had been in existence throughout the periods presented. Accordingly, the preferred shares issued by the Company are pushed back to all periods presented. In addition, aBitCool and its shareholders formally agreed to waive the Company’s obligation to repay its intercompany payable due to them in the amount of RMB115,266 (US$17,465) and as such, the waiver of the payable obligation was recorded as a contribution to additional paid-in-capital on October 31, 2010. The payable obligation has been presented as an amount due to a related party for all periods presented through to the date of the waiver. The following is a summary of the VIE agreements between 21Vianet Technology, the VIE, its Nominee Shareholders, and 21Vianet China, the primary beneficiary of 21Vianet Technology: Exclusive option agreement Pursuant to the exclusive option agreement amongst 21Vianet China and the Nominee Shareholders of 21Vianet Technology, the Nominee Shareholders granted the Company or its designated party, an exclusive irrevocable option to purchase all or part of the equity interests held by the Nominee Shareholders in 21Vianet Technology, when and to the extent permitted under PRC law, at an amount equal to RMB1. 21Vianet Technology cannot declare any profit distributions or grant loans in any form without the prior written consent of the 21Vianet China. The Nominee Shareholders must remit in full any funds received from 21Vianet Technology to 21Vianet China, in the event any distributions are made by the 21Vianet Technology pursuant to any written consents of 21Vianet China. The term of this agreement is 10 years, expiring on December 18, 2016, which is renewable at the sole discretion of 21Vianet China. Exclusive technical consulting and service agreement Pursuant to the exclusive technical consulting and service agreement between 21Vianet China and the 21Vianet Technology, 21Vianet China is to provide exclusive management consulting services and internet technical services in return for fees based on of a predetermined hourly rate of RMB1, which is adjustable at the sole discretion of 21Vianet China. The term of this agreement is 10 years, expiring on December 18, 2016, which is renewable at the sole discretion of 21Vianet China. Loan agreement In January 2011, 21Vianet China and the Nominee Shareholders entered into a loan agreement. Pursuant to the agreement, 21Vianet China has provided interest-free loan facilities of RMB7,000 and RMB3,000, respectively, to the Nominee Shareholders of 21Vianet Technology for the purpose of providing capital to 21Vianet Technology to develop its data center and telecommunications value-added business and related businesses. There is no fixed term for the loan. Power of attorney agreement The Nominee Shareholders entered into the power of attorney agreement whereby they granted an irrevocable proxy of the voting rights underlying their respective equity interests in the 21Vianet Technology to 21Vianet China, which includes, but are not limited to, all the shareholders’ rights and voting rights empowered to the Nominee Shareholders by the company law and the Company’s Articles of Association. The power of attorney remains valid and irrevocable from the date of execution, so long as each Nominee Shareholder remains as a shareholder of 21Vianet Technology. Share pledge agreement Pursuant to the share pledge agreement between 21Vianet China and the Nominee Shareholders, the Nominee Shareholders have contemporaneously pledged all their equity interests in 21Vianet Technology to guarantee the repayment of the loan under the Loan Agreement between 21Vianet China and the Nominee Shareholders. If 21Vianet Technology breaches its respective contractual obligations under the Share pledge agreement and the loan agreement, 21Vianet China, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests. The Nominee Shareholders agreed not to transfer, sell, pledge, dispose of or otherwise create any new encumbrance on their equity interests in the 21Vianet Technology without the prior written consent of 21Vianet China. Despite the lack of technical majority ownership, there exists a parent-subsidiary relationship between the Company and 21Vianet Technology through the irrevocable power of attorney agreement, whereby the Nominee Shareholders effectively assigned all of their voting rights underlying their equity interest in 21Vianet Technology to 21Vianet China. In addition, the Company, through 21Vianet China, obtained effective control over 21Vianet Technology through the ability to exercise all the rights of 21Vianet Technology’s shareholders pursuant to the share pledge agreement and exclusive option agreement. The Company demonstrates its ability and intention to continue to exercise the ability to absorb substantially all of the expected losses and receive substantially all of the economic benefits of 21Vianet Technology through 21Vianet China, pursuant to the loan agreement and consulting and service agreement, respectively. Thus, the Company is also considered the primary beneficiary of 21Vianet Technology through 21Vianet China. As a result of the above, the Company consolidates 21Vianet Technology and its subsidiaries under by ASC 810-10 Consolidation: Overall. Subsequently, in September 2010, the following supplementary agreements were entered into: 21Vianet Group, Inc. agreed to provide unlimited financial support to 21Vianet Technology for its operations and agreed to forego the right to seek repayment in the event 21Vianet Technology is unable to repay such funding. 21Vianet China also re-assigned the power of attorney agreement whereby they granted an irrevocable proxy of the voting rights underlying their respective equity interests in 21Vianet Technology to 21Vianet Group, Inc., which includes, but are not limited to, all the shareholders’ rights and voting rights empowered to the Nominee Shareholders by the company law and the Company’s Article of Association. Accordingly, as a result of the power to direct the activities of 21Vianet Technology pursuant to the power of attorney agreement and the obligation to absorb the expected losses of 21Vianet Technology through the unlimited financial support, 21Vianet China ceased to be the primary beneficiary and 21Vianet Group, Inc. became the primary beneficiary of 21Vianet Technology in September 2010. In February 2011, one of the original Nominee Shareholders of 21Vianet Beijing transferred 1% of his equity interests in 21Vianet Beijing to one additional individual person. Accordingly, the additional Nominee Shareholder also became a party to the above applicable agreements. In the opinion of the Company’s management and PRC counsel, (i) the ownership structure of 21Vianet China and 21Vianet Technology is not in breach or violation of any existing PRC Laws in any material respect, (ii) each of the VIE Agreements to which it is a party is valid, legally binding and enforceable to each party of such agreements under the existing PRC Laws, (iii) the execution, delivery, effectiveness, enforceability and performance of each of the VIE Agreements will not violate any PRC Laws, except for such violation that would not have a material adverse effect, and (iv) each of the PRC Subsidiaries is in compliance with the provisions of such necessary governmental authorizations in all material aspects. However, there are substantial uncertainties regarding the interpretation and application of current and future PRC laws and regulations. Accordingly, the Company cannot be assured that PRC regulatory authorities will not ultimately take a contrary view to its opinion. If the current ownership structure of the Company and its contractual arrangements with 21Vianet Technology are found to be in violation of any existing or future PRC laws and regulations, the Company may be required to restructure its ownership structure and operations in the PRC to comply with the changing and new PRC laws and regulations. To the extent that changes and new PRC laws and regulations prohibit the Company’s VIE arrangements from complying with the principles of consolidation, the Company would have to deconsolidate the financial position and results of operations of its VIE. In the opinion of management, the likelihood of loss in respect of the Company’s current ownership structure or the contractual arrangements with 21Vianet Technology is remote based on current facts and circumstances. Except for certain computer and network equipment with carrying amounts of RMB46,320 that were pledged to secure banking borrowings granted to the Company (Note 12), there were no pledges or collateralization of the Consolidated VIE’s assets. Creditors of the Consolidated VIE have no recourse to the general credit of the Company, who is the primary beneficiary of the Consolidated VIE, and such amounts have been parenthetically presented on the face of the consolidated balance sheets. The Company has not provided any financial or other support that it was not previously contractually required to provide to the Consolidated VIE during the periods presented.
The following financial information of the Consolidated VIE was included in the accompanying consolidated financial statements as of December 31, 2011 and 2012 and for the years ended December 31, 2010, 2011 and 2012:
|
Parent Company Only Condensed Statements of Cash Flows (Detail)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Dec. 31, 2011
CNY
|
Dec. 31, 2010
CNY
|
Dec. 31, 2012
Parent
USD ($)
|
Dec. 31, 2012
Parent
CNY
|
Dec. 31, 2011
Parent
CNY
|
Dec. 31, 2010
Parent
CNY
|
|||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net cash used in operating activities | $ 27,917 | 173,923 | 166,135 | 81,372 | $ (1,011) | (6,300) | (712) | |||||
Net cash (used in) generated from investing activities | (28,197) | (175,670) | (1,268,054) | (616) | 43,799 | 272,873 | (1,349,501) | |||||
Net cash generated from (used in) financing activities | 3,844 | 23,952 | 1,443,947 | (69,498) | (46,019) | (286,700) | 1,382,900 | 1,537 | ||||
Net increase (decrease) in cash | 3,509 | 21,865 | 327,133 | 11,258 | (3,231) | (20,127) | 32,687 | 1,537 | ||||
Cash and cash equivalents at beginning of year | 65,873 | 410,389 | 83,256 | 71,998 | 5,494 | 34,224 | 1,537 | |||||
Cash and cash equivalents at end of year | $ 69,382 | [1] | 432,254 | [1] | 410,389 | 83,256 | $ 2,263 | 14,097 | 34,224 | 1,537 | ||
|
Reconciliation Tax Computed Applying Statutory Income Tax Rate (Detail)
In Thousands, unless otherwise specified |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Dec. 31, 2011
CNY
|
Dec. 31, 2010
CNY
|
|
Income Tax Rate Reconciliation [Line Items] | ||||
(Loss) profit from continuing operations before income taxes | $ 15,056 | 93,815 | 59,616 | (233,127) |
Income tax benefit (expense) computed at applicable tax rates (25%) | (3,764) | (23,454) | (14,904) | 58,282 |
Non-deductible expenses | (315) | (1,969) | (2,161) | (777) |
Taxable income | (1,178) | (11,245) | ||
Research and development expenses | 692 | 4,313 | 2,982 | 533 |
Effect of tax holidays | 827 | 3,621 | ||
Preferential rate | 1,163 | 7,245 | 371 | |
Current and deferred tax rate differences | 290 | 1,804 | 1,331 | 553 |
International rate differences | (2,523) | (15,716) | (1,020) | (70,503) |
Tax exempted income | 423 | 2,635 | ||
Outside basis difference | 613 | |||
Unrecognized tax benefits | (103) | (641) | (856) | (364) |
Deferred tax expense | (593) | (3,695) | (105) | |
Change in valuation allowance | (845) | (5,263) | (32) | 17,804 |
Prior year provision to return true up | (229) | (1,418) | 963 | |
Income tax benefit | $ (5,804) | (36,159) | (13,677) | (1,588) |
Organization - Additional Information (Detail)
|
1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2011
|
Dec. 31, 2011
CNY
|
Dec. 31, 2010
CNY
|
Feb. 28, 2011
USD ($)
|
Jan. 31, 2011
USD ($)
|
Oct. 31, 2010
aBitCool Incorporated
USD ($)
|
Oct. 31, 2010
aBitCool Incorporated
CNY
|
Oct. 31, 2010
aBitCool Incorporated
Internet Data Center Services
|
Dec. 31, 2012
Option Agreement
|
Dec. 31, 2012
Technical Consulting and Service Agreement
CNY
|
Jan. 31, 2011
Loan Agreement
Loan one
CNY
|
Jan. 31, 2011
Loan Agreement
Loan Two
CNY
|
Dec. 31, 2012
Computer and network equipment
USD ($)
|
Dec. 31, 2012
Computer and network equipment
CNY
|
Dec. 31, 2011
Computer and network equipment
CNY
|
Jan. 13, 2010
21Vianet Group Limited ("21Vianet HK")
aBitCool Incorporated
HKD
|
Feb. 21, 2010
21Vianet Data Center Co., Ltd. ("21Vianet China")
aBitCool Incorporated
USD ($)
|
Mar. 31, 2010
SH Guotong
CNY
|
Apr. 30, 2009
SH Guotong
CNY
|
Mar. 31, 2010
GZ Juliang
CNY
|
Dec. 31, 2008
Beijing 21ViaNet Broadband Data Center Co., Ltd ("21Vianet Beijing")
CNY
Entity
|
Dec. 31, 2010
Beijing 21ViaNet Broadband Data Center Co., Ltd ("21Vianet Beijing")
Carved Out Subsidiaries
CNY
Entity
|
Dec. 31, 2010
Beijing aBitCool Network Technology Co., Ltd. ("21Vianet Technology")
Carved Out Associate
CNY
Entity
|
Apr. 30, 2011
American Depositary Shares
CNY
|
Apr. 30, 2011
American Depositary Shares
USD ($)
|
Oct. 31, 2010
Common Stock
aBitCool Incorporated
|
Oct. 31, 2010
Redeemable Convertible Preferred Stock
aBitCool Incorporated
|
|
Organization [Line Items] | |||||||||||||||||||||||||||
Ordinary shares issued | 14,950,000 | 71,526,320 | |||||||||||||||||||||||||
Share price | $ 1.33 | $ 1.24 | $ 15 | ||||||||||||||||||||||||
Number of ordinary shares in each American Depositary Shares (ADS) | 6 | ||||||||||||||||||||||||||
Net proceeds from issuance of ordinary shares upon IPO | 1,332,904,000 | 1,332,904,000 | |||||||||||||||||||||||||
Business acquisition, acquisition percentage | 100.00% | 100.00% | |||||||||||||||||||||||||
Business acquisition, consideration transferred | 1 | 1 | |||||||||||||||||||||||||
Cash consideration of Legal disposal to nominee shareholders of aBitCool | 68,960,000 | 10,000,000 | |||||||||||||||||||||||||
Repurchase of IDC Business' long-lived assets, employees, and sales agreements from nominee shareholders | 1,426,000 | 858,000 | |||||||||||||||||||||||||
Deemed Distribution to Shareholders for Accounting Disposal | 27,869,000 | 2,764,000 | 36,000,000 | ||||||||||||||||||||||||
Number of entities with deemed distribution to shareholders | 2 | ||||||||||||||||||||||||||
Deemed contribution from the shareholders for the legal disposal of certain carved-out entities | 39,300,000 | 36,000,000 | 3,300,000 | ||||||||||||||||||||||||
Number of carved-out entities disposed | 2 | 1 | |||||||||||||||||||||||||
Convertible preferred shares, issued | 110,966,180 | ||||||||||||||||||||||||||
Percentage of outstanding number of preferred aBitCool | 85.00% | ||||||||||||||||||||||||||
Waiver of liability from the shareholder | 116,069,000 | 17,465,000 | 115,266,000 | ||||||||||||||||||||||||
Agreement agreement between 21Vianet China and the 21Vianet Technology, term | 10 years | 10 years | |||||||||||||||||||||||||
Agreement agreement between 21Vianet China and the 21Vianet Technology, expiration date | Dec. 18, 2016 | Dec. 18, 2016 | |||||||||||||||||||||||||
Service fee per hour | 1,000 | ||||||||||||||||||||||||||
Loan facility provided to related parties | 7,000,000 | 3,000,000 | |||||||||||||||||||||||||
Pledged computer and network equipment, carrying amount | $ 7,435,000 | 46,320,000 | 20,000,000 |
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