XML 69 R60.htm IDEA: XBRL DOCUMENT v3.20.4
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2020
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

    

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

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements at Reporting Date Using

​

​

​

​

Quote prices in

​

​

​

​

​

​

Balance as of

​

active market

​

Significant other

​

Significant

​

​

September 30, 

​

for identical

​

observable

​

unobservable

Description

    

2020

    

assets (Level 1)

    

inputs (Level 2)

    

inputs (Level 3)

​

​

​

​

​

​

​

​

​

Assets:

 

  

 

  

 

  

 

  

Foreign exchange forward contracts- receivable

 

38,962,477

 

—

 

38,962,477

 

—

Call options

​

507,692,955

​

—

​

—

​

507,692,955

​

​

​

​

​

​

​

​

​

Liabilities:

 

  

 

  

 

  

 

  

Convertible senior notes

 

1,241,767,766

 

—

 

—

 

1,241,767,766

Guarantee liabilities

 

60,836,893

 

—

 

—

 

60,836,893

Foreign exchange forward contracts- payable

 

596,988

 

—

 

596,988

 

—

​

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

​

​

​

​

​

​

​

    

For the nine months ended September 30, 

​

    

2019

    

2020

​

    

RMB

    

RMB

Balance at January 1,

 

68,632

 

728,215,869

Issuance of convertible senior notes

​

585,301,500

​

—

Foreign exchange (gain)/loss

 

10,462,359

 

(14,117,988)

Change in fair value of convertible senior notes

 

(38,525,112)

 

516,665,506

Change in the instrument-specific credit risk

​

(56,904)

​

11,004,379

Repurchase of convertible senior notes

 

(68,632)

 

—

Balance at September 30,

 

557,181,843

 

1,241,767,766

​

A summary of changes in Level 3 fair value of call option for the nine months ended September 30, 2019 and 2020 were as follows:

​

​

​

​

​

​

​

    

For the nine months ended September 30, 

​

    

2019

    

2020

​

    

RMB

    

RMB

Balance at January 1,

 

—

 

294,177,634

Issuance of call options

​

206,577,000

​

—

Foreign exchange gain/(loss)

 

5,610,000

 

(4,983,000)

Change in fair value of call options

 

(663,084)

 

218,498,321

Balance at September 30, 

 

211,523,916

 

507,692,955

​

A summary of changes in Level 3 fair value of foreign exchange options for the nine months ended September 30, 2019 and 2020 were as follows:

​

​

​

​

​

​

​

    

For the nine months ended September 30, 

​

    

2019

    

2020

​

    

RMB

    

RMB

Balance at January 1,

 

846,718

 

—

Purchase of foreign exchange options

 

—

 

—

Cash Settlement

​

(516,012)

​

—

Change in fair value of foreign exchange options

 

(330,706)

 

—

Balance at September 30, 

 

—

 

—

Schedule of Change in Fair Value of rate swap Derivatives

​

​

​

​

​

​

​

    

For the nine months ended September 30, 

​

    

2019

    

2020

​

    

RMB

    

RMB

Balance at January 1,

 

12,786,001

 

61,271,965

Change in fair value of interest rate swap

 

94,440,241

 

78,878,089

Cash settlement

 

(21,488,548)

 

—

Disposal

​

—

​

(140,150,054)

Balance at September 30, 

​

85,737,694

 

—

Schedule of Change in Fair Value of Derivatives

​

​

​

​

​

​

​

    

For the nine months ended September 30, 

​

    

2019

    

2020

​

    

RMB

    

RMB

Balance at January 1,

 

92,404,068

 

72,019,365

Additions

 

386,123

 

—

Amortization

 

(17,438,596)

 

(11,182,472)

Cancellation

 

(3,992,475)

 

—

Balance at September 30, 

 

71,359,120

 

60,836,893

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Foreign exchange forward

    

Type of derivatives

For the nine months ended

​

contracts

​

Convertible

​

Interest

​

​

​

Foreign exchange

​

  

September 30, 

    

Realized

    

Unrealized

    

senior notes

    

Rate swap

    

Call option

    

options

    

Total

(In RMB)

    

  

    

  

    

  

    

  

    

  

    

  

    

  

2019

 

(61,800,619)

 

(108,371,849)

 

38,525,112

 

(94,440,241)

​

(663,084)

 

(330,706)

 

(227,081,387)

2020

 

22,115,803

 

(10,059,132)

 

(516,665,506)

 

(78,878,089)

​

218,498,321

​

—

​

(364,988,603)