SHORT-TERM BANK LOAN

12 Months Ended

Dec. 31, 2014

SHORT-TERM BANK LOAN [Abstract]

SHORT-TERM BANK LOAN

16. SHORT-TERM BANK LOAN

In February 2013, the Company entered into a financing agreement with a bank and obtained US dollars loans totaling $9,000,000 for the purpose of share repurchase. The loans were repayable on various dates up to February 2014 and secured by a pledge of RMB deposits equivalent to approximately of $9,900,000. In May 2013, the Company fully settled such US dollars loans. In November 2013, the pledge of RMB deposits was released.

In October 2014, the Company entered into a financing agreement with a bank and obtained US dollars loans totaling $42,428,890 for the purpose of special cash dividend distribution. The repayment was expected to be in October 2015 and secured by a pledge of RMB deposits of RMB260,000,000 (see Note 9).