FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2017

FAIR VALUE MEASUREMENTS [Abstract]

Schedule of Investments Measured at Fair Value on Recurring Basis

	Fair Value Measurements at Reporting Date Using
Description	Balance as of December 31, 2016		Quote prices in active market for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Guarantee receivables		235,728,241		-		-		235,728,241
Foreign exchange forward contracts		640,876		-		640,876		-
Liabilities:
Guarantee liabilities		226,086,556		-		-		226,086,556
Convertible senior notes		423,739,708		-		-		423,739,708
Rate cap derivative		10,364,075		-		-		10,364,075

	Fair Value Measurements at Reporting Date Using
Description	Balance as of June 30, 2017		Quote prices in active market for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Guarantee receivables		219,964,434		-		-		219,964,434
Liabilities:
Convertible senior notes		67,744		-		-		67,744
Foreign exchange forward contracts		3,115,811		-		3,115,811		-
Rate cap derivative		26,381,687		-		-		26,381,687

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

A summary of changes in Level 3 fair value of convertible senior notes for the six months ended June 30, 2016 and 2017 were as follows:

	For the six months ended June 30
	2016		2017
	RMB		RMB
Balance at January 1,		1,506,981,361		423,739,708
Issuance of convertible senior notes		-		-
Foreign exchange loss/(gain)		18,141,799		(842,669)
Change in fair value of convertible senior notes		61,620,513		-
Repurchase of convertible senior notes		(746,775,033)		(422,829,295)
Balance at June 30,		839,968,640		67,744

A summary of changes in Level 3 fair value of capped call options for the six months ended June 30, 2016 and 2017 were as follows:

	For the six months ended June 30
	2016		2017
	RMB		RMB
Balance at January 1,		17,490,323		-
Foreign exchange loss		736,212		-
Change in fair value of capped call options		(18,226,535)		-
Balance at June 30,		-		-

Schedule of fair value of call spread option contracts

	For the six months ended June 30
	2016		2017
	RMB		RMB
Balance at January 1,		7,277,406		-
Purchase of call spread option		4,761,603		-
Change in fair value of call spread		3,076,214		-
Exercise of call spread options		(5,132,923)		-
Balance at June 30,		9,982,300		-

Schedule of changes in fair value of warrant liability

	For the six months ended June 30
	2016		2017
	RMB		RMB
Balance at January 1,		68,377,608		-
Exchange loss on warrant liability		1,465,872		-
Change in fair value of warrant liability		1,110,360		-
Balance at June 30,		70,953,840		-

Schedule of Change in Fair Value of Derivatives

	For the six months ended June 30
	2016		2017
	RMB		RMB
Balance at January 1,		-		10,364,075
Change in fair value of rate cap derivative		-		16,017,612
Balance at June 30,		-		26,381,687

	Type of Derivatives
For the Six months ended June 30	Foreign exchange forward contracts				Call options		Rate cap derivative		Call spread options		Warrant liability		Total
	Realized		Unrealized
(In RMB)
2016		(1,993,012)		(43,912,545)		(18,226,535)				3,076,214		(1,110,360)		(62,166,238)
2017		(119,547)		(3,115,811)		-		(16,017,612)						(19,252,970)