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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2019
FAIR VALUE MEASUREMENTS  
Schedule of Investments Measured at Fair Value on Recurring Basis

    

Fair Value Measurements at Reporting Date Using

Quote prices in

Balance as of

active market

Significant other

Significant

December 31, 

for identical

observable

unobservable

Description

    

2018

    

assets (Level 1)

    

inputs (Level 2)

    

inputs (Level 3)

Assets:

 

  

 

  

 

  

 

  

Foreign exchange forward contracts- receivable

1,192,168

1,192,168

Foreign exchange options

846,718

846,718

Liabilities:

 

  

 

  

 

  

 

  

Convertible senior notes

 

68,632

 

 

 

68,632

Guarantee liabilities

 

92,404,068

 

 

 

92,404,068

Foreign exchange forward contracts- payable

9,463,728

9,463,728

Derivative liability interest rate swap

 

12,786,001

 

 

 

12,786,001

    

Fair Value Measurements at Reporting Date Using

Quote prices in

Balance as of

active market

Significant other

Significant

December 31, 

for identical

observable

unobservable

Description

    

2019

    

assets (Level 1)

    

inputs (Level 2)

    

inputs (Level 3)

Assets:

 

  

 

  

 

  

 

  

Foreign exchange forward contracts- receivable

 

52,281,183

 

 

52,281,183

 

Call options

294,177,634

294,177,634

Liabilities:

 

  

 

  

 

  

 

  

Convertible senior notes

 

728,215,869

 

 

 

728,215,869

Guarantee liabilities

 

72,019,365

 

 

 

72,019,365

Foreign exchange forward contracts- payable

 

3,856,561

 

 

3,856,561

 

Derivative liability interest rate swap

61,271,965

61,271,965

Schedule of Reconciliation of Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

    

For the year ended December 31, 

    

2017

    

2018

    

2019

    

RMB

    

RMB

    

RMB

Balance at January 1,

 

423,739,708

 

65,342

 

68,632

Issuance of convertible senior notes

585,301,500

Foreign exchange (gain)/loss

 

(845,071)

 

3,290

 

7,675,500

Change in fair value of convertible senior notes

 

 

 

114,149,092

Change in the instrument-specific credit risk

21,089,777

Repurchase of convertible senior notes

 

(422,829,295)

 

 

(68,632)

Balance at December 31,

 

65,342

 

68,632

 

728,215,869

A summary of changes in Level 3 fair value of call option for the year ended December 31, 2017, 2018 and 2019 were as follows:

    

For the year ended December 31, 

    

2017

    

2018

    

2019

    

RMB

    

RMB

    

RMB

Balance at January 1,

 

 

 

Issuance of call options

206,577,000

Foreign exchange (gain)/loss

 

 

 

2,709,000

Change in fair value of call options

 

 

 

84,891,634

Balance at December 31, 

 

 

 

294,177,634

A summary of changes in Level 3 fair value of foreign exchange options for the year ended December 31, 2017, 2018 and 2019 were as follows:

    

For the year ended December 31, 

    

2017

    

2018

    

2019

    

RMB

    

RMB

    

RMB

Balance at January 1,

 

 

 

846,718

Purchase of foreign exchange options

 

 

10,566,900

 

Cash Settlement

(516,012)

Change in fair value of foreign exchange options

 

 

(9,720,182)

 

(330,706)

Balance at December 31, 

 

 

846,718

 

Schedule of Change in Fair Value of rate swap Derivatives

    

For the year ended December 31, 

    

2017

    

2018

    

2019

    

RMB

    

RMB

    

RMB

Balance at January 1,

 

10,364,075

 

26,486,388

 

12,786,001

Change in fair value of interest rate swap

 

16,122,313

 

(9,701,051)

 

69,974,512

Cash settlement

 

 

(3,999,336)

 

(21,488,548)

Balance at December 31, 

26,486,388

 

12,786,001

 

61,271,965

Schedule of Change in Fair Value of Derivatives

    

For the year ended December 31, 

    

2017

    

2018

    

2019

    

RMB

    

RMB

    

RMB

Balance at January 1,

 

226,086,556

 

148,187,615

 

92,404,068

Additions

 

5,122,691

 

1,425,026

 

2,164,200

Amortization

 

(47,292,776)

 

(28,243,063)

 

(18,574,433)

Cancellation

 

(35,728,856)

 

(28,965,510)

 

(3,974,470)

Balance at December 31, 

 

148,187,615

 

92,404,068

 

72,019,365

    

Foreign exchange forward

    

Type of derivatives

For the year ended

contracts

Convertible

Interest

Foreign exchange

  

December 31, 

    

Realized

    

Unrealized

    

senior notes

    

Rate swap

    

Call option

    

options

    

Total

(In RMB)

    

  

    

  

    

  

    

  

    

  

    

  

    

  

2017

 

(3,690,785)

 

(4,520,619)

 

 

(16,122,313)

 

 

(24,333,717)

2018

 

(42,614,340)

 

(1,475,360)

 

 

9,701,051

 

(9,720,182)

 

(44,108,831)

2019

 

(126,708,753)

 

48,425,227

 

(114,149,092)

 

(69,974,512)

84,891,634

(330,706)

(177,846,202)