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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
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

December 31, 

for identical

observable

unobservable

Description

    

2020

    

assets (Level 1)

    

inputs (Level 2)

    

inputs (Level 3)

Assets:

 

  

 

  

 

  

 

  

Foreign exchange forward contracts- receivable

 

183,146,199

 

 

183,146,199

 

Call options

756,929,181

756,929,181

Liabilities:

 

  

 

  

 

  

 

  

Convertible senior notes

 

1,831,612,124

 

 

 

1,831,612,124

Guarantee liabilities

 

57,331,674

 

 

 

57,331,674

Foreign exchange forward contracts- payable

 

4,970,902

 

 

4,970,902

 

Foreign exchange options

12,923,817

12,923,817

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

    

For the year ended December 31, 

    

2018

    

2019

    

2020

    

RMB

    

RMB

    

RMB

Balance at January 1,

 

65,342

 

68,632

 

728,215,869

Issuance of convertible senior notes

585,301,500

Foreign exchange (gain)/loss

 

3,290

 

7,675,500

 

(38,359,987)

Change in fair value of convertible senior notes

 

 

114,149,092

 

1,202,082,070

Change in the instrument-specific credit risk

21,089,777

(60,325,828)

Repurchase of convertible senior notes

 

 

(68,632)

 

Balance at December 31,

 

68,632

 

728,215,869

 

1,831,612,124

A summary of changes in Level 3 fair value of call option for the year ended December 31, 2018, 2019 and 2020 were as follows:

    

For the year ended December 31, 

    

2018

    

2019

    

2020

    

RMB

    

RMB

    

RMB

Balance at January 1,

 

 

 

294,177,634

Issuance of call options

206,577,000

Foreign exchange (gain)/loss

 

 

2,709,000

 

(13,539,000)

Change in fair value of call options

 

 

84,891,634

 

476,290,547

Balance at December 31, 

 

 

294,177,634

 

756,929,181

A summary of changes in Level 3 fair value of foreign exchange options for the year ended December 31, 2018, 2019 and 2020 were as follows:

    

For the year ended December 31, 

    

2018

    

2019

    

2020

    

RMB

    

RMB

    

RMB

Balance at January 1,

 

 

846,718

 

Addition of foreign exchange options

 

10,566,900

 

 

(9,316,000)

Cash Settlement

(516,012)

Change in fair value of foreign exchange options

 

(9,720,182)

 

(330,706)

 

(3,607,817)

Balance at December 31, 

 

846,718

 

 

(12,923,817)

Schedule of Change in Fair Value of rate swap Derivatives

    

For the year ended December 31, 

    

2018

    

2019

    

2020

    

RMB

    

RMB

    

RMB

Balance at January 1,

 

26,486,388

 

12,786,001

 

61,271,965

Change in fair value of interest rate swap

 

(9,701,051)

 

69,974,512

 

78,878,089

Cash settlement

 

(3,999,336)

 

(21,488,548)

 

(140,150,054)

Balance at December 31, 

12,786,001

 

61,271,965

 

Schedule of Change in Fair Value of Derivatives

    

For the year ended December 31, 

    

2018

    

2019

    

2020

    

RMB

    

RMB

    

RMB

Balance at January 1,

 

148,187,615

 

92,404,068

 

72,019,365

Additions

 

1,425,026

 

2,164,200

 

Amortization

 

(28,243,063)

 

(18,574,433)

 

(14,687,691)

Cancellation

 

(28,965,510)

 

(3,974,470)

 

Balance at December 31, 

 

92,404,068

 

72,019,365

 

57,331,674

    

Foreign exchange forward

    

Type of derivatives

For the year ended

contracts

Convertible

Interest

Warrant

Foreign exchange

  

December 31, 

    

Realized

    

Unrealized

    

senior notes

    

Rate swap

    

Call option

    

liability

    

options

    

Total

(In RMB)

    

  

    

  

    

  

    

  

    

  

    

  

    

  

    

  

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)

2020

 

61,379,585

 

129,806,218

 

(1,202,082,070)

 

(78,878,089)

476,290,547

 

(3,607,817)

(617,091,626)

Level 3  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Summary of significant unobservable inputs adopted in the valuation of Level 3 instruments

Unobservable inputs of convertible senior notes

    

  

Expected volatility

 

75.16

%

Risk free interest rate

 

0.23

%

Discount rate

 

26.55

%

Unobservable input of call option

    

  

Spot price

 

61.87

Unobservable inputs of foreign exchange option

    

  

Expected volatility

 

7.14

%

Risk free interest rate

 

0.09%~2.45

%

Unobservable input of guarantee liabilities

    

  

Discount rate

 

5.39

%