12.

PREPAYMENTS AND OTHER CURRENT ASSETS

Prepayments and other current assets consisted of the following:

	2016		2017
	December 31		June 30
	RMB		RMB
Value-added tax deductible		286,198,731		513,779,749
Deposit for customer duty, bidding and others		154,023,704		193,440,045
Receivables related to disposal of subsidiaries		185,380,069		169,451,200
Receivables related to a sales leaseback transaction		-		150,000,000
Prepayment for income tax		24,323,033		98,482,024
Receivables related to discount from a supplier		-		71,968,600
Receivables of option exercised		6,135,783		47,011,926
Prepaid insurance premium		19,237,805		22,499,561
Prepaid commission		2,013,070		21,150,146
Receivables related to disposal of land use right		23,172,107		14,571,587
Rental deposit and prepayment		5,897,704		11,207,872
Employee advances		8,584,936		10,032,847
Prepaid professional service fee		4,095,436		545,934
Others		47,581,875		53,526,363
Total		766,644,253		1,377,667,854

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, 2016 and June 30, 2017, 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.