13.

PREPAYMENTS AND OTHER CURRENT ASSETS

Prepayments and other current assets consisted of the following:

	As of December 31,
	2015		2016
	RMB		RMB
Value-added tax deductible		443,761,055		286,198,731
Deposit for customer duty, bidding and others		93,536,791		154,023,704
Assets held for sale related to land use right		38,832,489		-
Prepayment for income tax		29,879,013		24,323,033
Receivables related to land use right disposal		20,435,188		23,172,107
Prepaid commission		18,970,826		2,013,070
Prepaid insurance premium		16,851,945		19,237,805
Rental deposit and prepayment		4,297,689		5,897,704
Employee advances		7,285,193		8,584,936
Receivables of option exercised		10,210,003		6,135,783
Derivative assets		7,277,406		-
Prepaid professional service fee		4,057,488		4,095,436
Receivable related to disposal of subsidiaries (note 1)		-		185,380,069
Others		20,053,820		47,581,875
Total		715,448,906		766,644,253

Value-added tax deductible represented the balance that the Group can utilize to deduct its value-added tax liability within the next 12 months.

As of December 31, 2015 and 2016, all of the employee advances were business related, interest-free, not collateralized and will be repaid or settled within one year from the respective balance sheet dates.

Derivative assets as of December 31,2015 represented the foreign exchange call spread option purchased in 2015 and matured prior to December 31,2016.