Short-term Investment

3 Months Ended

Mar. 31, 2015

Investments, All Other Investments [Abstract]

Short-term Investment

6. Short-term investment

On November 13, 2014, the Company invested $8,066 (equivalent to RMB50,000) in a financial product managed by a bank in the PRC. The investment is not redeemable by the Company until its maturity date of May 14, 2015. The investment is principal protected with an estimated but not guaranteed return rate of 5% per annum. On January 27, 2015, the Company invested $4,839 (equivalent to RMB 30,000) in financial product managed by the same bank. The investment is principal protected with an estimated but not guaranteed return rate of 4% per annum and can be redeemed on demand. The investment was redeemed in full in March 2015.

On November 24, 2014, the Company invested $19,358 (equivalent to RMB120,000) in a financial product managed by a bank in the PRC. Pursuant to the investment terms of this financial product, the investment is not redeemable by the Company until its maturity date of May 22, 2015. The investment is principal protected with an estimated but not guaranteed return rate of 4.5% per annum. As at December 31, 2014, this investment was pledged as security for a one-year short term loan of $5,646 (equivalent to RMB35,000) obtained from the same PRC bank on December 3, 2014. The pledge will be released upon the repayment of the short term loan. On January 27, 2015, the Company invested $20,971 (equivalent to RMB 130,000) in a financial product managed by the same bank with maturity period of 61 days and with estimated but not guaranteed return rate of 4% per annum. This financial product was redeemed on March 31, 2015.