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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2016
FAIR VALUE MEASUREMENTS [Abstract]  
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
 
2014
 
assets (Level 1)
 
inputs (Level 2)
 
inputs (Level 3)
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
 
 
47,712,744
 
 
-
 
 
47,712,744
 
 
-
 
Capped call options
 
 
21,098,263
 
 
-
 
 
-
 
 
21,098,263
 
Available-for-sale investment
 
 
20,875,725
 
 
-
 
 
-
 
 
20,875,725
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
 
 
30,901,012
 
 
-
 
 
30,901,012
 
 
-
 
Convertible senior notes
 
 
1,540,398,645
 
 
-
 
 
-
 
 
1,540,398,645
 
  
 
 
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
 
2015
 
assets (Level 1)
 
inputs (Level 2)
 
inputs (Level 3)
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Call spread option
 
 
7,277,406
 
 
-
 
 
-
 
 
7,277,406
 
Foreign exchange forward contracts
 
 
7,038,537
 
 
-
 
 
7,038,537
 
 
-
 
Capped call options
 
 
17,490,323
 
 
-
 
 
-
 
 
17,490,323
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
 
 
4,295,737
 
 
-
 
 
4,295,737
 
 
-
 
Convertible senior notes
 
 
1,506,981,361
 
 
-
 
 
-
 
 
1,506,981,361
 
Warrant liability
 
 
68,377,608
 
 
-
 
 
-
 
 
68,377,608
 
 
 
 
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
 
2016
 
assets (Level 1)
 
inputs (Level 2)
 
inputs (Level 3)
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Guarantee receivables
 
 
235,728,241
 
 
-
 
 
-
 
 
235,728,241
 
Foreign exchange forward contracts
 
 
640,876
 
 
-
 
 
640,876
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible senior notes
 
 
423,739,708
 
 
-
 
 
-
 
 
423,739,708
 
Guarantee liabilities
 
 
226,086,556
 
 
-
 
 
-
 
 
226,086,556
 
Rate cap derivative
 
 
10,364,075
 
 
-
 
 
-
 
 
10,364,075
 
Schedule of Reconciliation of Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs
 
 
 
For the year ended December 31,
 
 
 
 
 
2014
 
2015
 
2016
 
 
 
RMB
 
RMB
 
RMB
 
Balance at January 1,
 
 
770,485,897
 
 
1,540,398,645
 
 
1,506,981,361
 
Issuance of convertible senior notes
 
 
914,850,000
 
 
-
 
 
-
 
Foreign exchange (gain)/loss
 
 
5,853,455
 
 
96,678,461
 
 
43,448,795
 
Change in fair value of convertible senior notes
 
 
(150,790,707)
 
 
8,400,918
 
 
92,015,957
 
Repurchase of convertible senior notes
 
 
-
 
 
(138,496,663)
 
 
(1,218,706,405)
 
Balance at December 31,
 
 
1,540,398,645
 
 
1,506,981,361
 
 
423,739,708
 
 
 
 
 
For the year ended December 31,
 
 
 
 
 
2014
 
2015
 
2016
 
 
 
RMB
 
RMB
 
RMB
 
Balance at January 1,
 
 
107,223,601
 
 
21,098,263
 
 
17,490,323
 
Foreign exchange (gain)/loss
 
 
563,725
 
 
2,562,342
 
 
736,212
 
Change in fair value of capped call options
 
 
(86,689,063)
 
 
(6,170,282)
 
 
(18,226,535)
 
Balance at December 31,
 
 
21,098,263
 
 
17,490,323
 
 
-
 
 
 
 
 
For the year ended December 31,
 
 
 
2014
 
2015
 
2016
 
 
 
RMB
 
RMB
 
RMB
 
Balance at January 1,
 
 
30,117,797
 
 
20,875,725
 
 
-
 
Receipt of available-for-sale investment
 
 
-
 
 
-
 
 
-
 
Foreign exchange gain/(loss)
 
 
(3,446,112)
 
 
-
 
 
-
 
Change in fair value of available-for-sale
 
 
(5,795,960)
 
 
-
 
 
-
 
Transfer to receivable (Note 2 (g))
 
 
-
 
 
(20,875,725)
 
 
-
 
Balance at December 31,
 
 
20,875,725
 
 
-
 
 
-
 
Schedule of fair value of call spread option contracts
 
 
For the year ended December 31,
 
 
 
2014
 
2015
 
2016
 
 
 
RMB
 
RMB
 
RMB
 
Balance at January 1,
 
 
-
 
 
-
 
 
7,277,406
 
Purchase of call spread option
 
 
-
 
 
7,647,843
 
 
4,761,603
 
Change in fair value of call spread
 
 
-
 
 
(370,437)
 
 
-
 
Exercise of call spread options
 
 
-
 
 
-
 
 
(12,039,009)
 
Balance at December 31,
 
 
-
 
 
7,277,406
 
 
-
 
Schedule of changes in fair value of warrant liability
 
 
For the year ended December 31,
 
 
 
2014
 
2015
 
2016
 
 
 
RMB
 
RMB
 
RMB
 
Balance at January 1,
 
 
-
 
 
-
 
 
68,377,608
 
Issuance of warrant liability
 
 
-
 
 
62,331,211
 
 
-
 
Exchange loss on warrant liability
 
 
-
 
 
3,950,373
 
 
2,256,314
 
Change in fair value of warrant liability
 
 
-
 
 
2,096,024
 
 
(34,937,341)
 
Repurchase of warrant liability
 
 
-
 
 
-
 
 
(35,696,581)
 
Balance at December 31,
 
 
-
 
 
68,377,608
 
 
-
 
Schedule of Change in Fair Value of Derivatives
 
 
 
For the year ended December 31,
 
 
 
2014
 
2015
 
2016
 
 
 
RMB
 
RMB
 
RMB
 
Balance at January 1,
 
 
-
 
 
-
 
 
-
 
Change in fair value of rate cap derivative
 
 
-
 
 
-
 
 
10,364,075
 
Balance at December 31,
 
 
-
 
 
-
 
 
10,364,075
 
 
 
 
Type of derivatives
 
For the year ended
 
Foreign exchange forward 
contracts
 
Call spread
 
Rate cap
 
Capped call
 
Warrant
 
 
 
 
December 31,
 
Realized
 
Unrealized
 
options
 
derivative
 
options
 
liability
 
Total
 
(In RMB)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
 
15,553,224
 
 
(16,267,966)
 
 
-
 
 
-
 
 
(86,689,063)
 
 
-
 
 
(87,403,805)
 
2015
 
 
71,000,875
 
 
(14,068,932)
 
 
(370,437)
 
 
-
 
 
(6,170,282)
 
 
(2,096,024)
 
 
48,295,200
 
2016
 
 
(53,202,660)
 
 
640,876
 
 
-
 
 
(10,364,075)
 
 
(18,226,535)
 
 
34,937,341
 
 
(46,215,053)
 
 
As of December 31, 2014
 
 
 
Fair Value Measurements at Reporting Date Using
 
 
 
 
 
Quote Prices
 
 
 
 
 
 
 
 
 
 
 
in active
 
Significant
 
 
 
 
 
 
 
Balance as of
 
market for
 
other
 
Significant
 
 
 
 
 
December 31,
 
identical
 
observable
 
unobservable
 
Total
 
Description
 
2014
 
assets (Level 1)
 
input (Level 2)
 
input (Leval 3)
 
(losses)
 
 
 
RMB
 
RMB
 
RMB
 
RMB
 
 
 
Property, plant and equipment, net
 
 
3,101,795,172
 
 
-
 
 
-
 
 
3,101,795,172
 
 
6,217,151
 
 
As of December 31, 2015
 
 
 
Fair Value Measurements at Reporting Date Using
 
 
 
 
 
Quote Prices
 
 
 
 
 
 
 
 
 
 
 
in active
 
Significant
 
 
 
 
 
 
 
Balance as of
 
market for
 
other
 
Significant
 
 
 
 
 
December 31,
 
identical
 
observable
 
unobservable
 
Total
 
Description
 
2015
 
assets (Level 1)
 
input (Level 2)
 
input (Leval 3)
 
(losses)
 
 
 
RMB
 
RMB
 
RMB
 
RMB
 
 
 
Property, plant and equipment, net
 
 
3,766,435,564
 
 
-
 
 
-
 
 
3,766,435,564
 
 
-
 
 
As of December 31, 2016
 
 
 
Fair Value Measurements at Reporting Date Using
 
 
 
 
 
Quote Prices
 
 
 
 
 
 
 
 
 
 
 
in active
 
Significant
 
 
 
 
 
 
 
Balance as of
 
market for
 
other
 
Significant
 
 
 
 
 
December 31,
 
identical
 
observable
 
unobservable
 
Total
 
Description
 
2016
 
assets (Level 1)
 
input (Level 2)
 
input (Leval 3)
 
(losses)
 
 
 
RMB
 
RMB
 
RMB
 
RMB
 
 
 
Property, plant and equipment, net
 
 
4,738,681,353
 
 
-
 
 
-
 
 
4,738,681,353
 
 
125,524,021