Condensed Financial Information of the Parent Company (Tables)

12 Months Ended

Dec. 31, 2014

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

Schedule of balance sheets

CONDENSED BALANCE SHEETS

(RMB, except share data and per share data, or otherwise noted)

	December 31,
	2013		2014
					US$ (Note 2(c))
ASSETS
Current assets
Cash and cash equivalents	301,976,515		1,323,279,666		213,273,969
Amounts due from subsidiaries	17,860,046		17,999,974		2,901,069
Prepayments and other current assets	1,247,811		1,561,058		251,597
Total current assets	321,084,372		1,342,840,698		216,426,635
Other non-current assets	2,127,187		—		—
Total assets	323,211,559		1,342,840,698		216,426,635
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY/(DEFICIT)
Current liabilities
Accrued expenses and other current liabilities	4,722,120		16,722,535		2,695,184
Total current liabilities	4,722,120		16,722,535		2,695,184
Non-current liabilities
Investments (deficit) in subsidiaries and VIE	27,133,711		(82,605,055	)	(13,313,518	)
Total non-current liabilities	27,133,711		(82,605,055	)	(13,313,518	)
Total liabilities	31,855,831		(65,882,520	)	(10,618,334	)
Mezzanine equity
Series A Convertible Preferred Shares (US$0.0001 par value; 20,000,000 and nil shares authorized as of December 31, 2013 and December 31, 2014, respectively, 13,506,748 and nil shares issued and outstanding as of December 31, 2013 and December 31, 2014 respectively)	9,360,443		—		—
Series B Convertible Preferred Shares (US$0.0001 par value; 21,564,115 and nil shares authorized, issued and outstanding as of December 31, 2013 and December 31, 2014, respectively)	48,890,116		—		—
Series C Convertible Preferred Shares (US$0.0001 par value; 25,782,056 and nil shares authorized,  issued and outstanding as of December 31, 2013 and December 31, 2014, respectively)	290,255,691		—		—
Series D Convertible Preferred Shares (US$0.0001 par value; 21,771,472 and nil shares authorized,  issued and outstanding as of December 31, 2013 and December 31, 2014, respectively)	367,934,993		—		—
Total mezzanine equity	716,441,243		—		—
Shareholders’ equity/(deficit)
Ordinary shares (US$0.0001 par value; 126,999,531 authorized and 26,000,000 shares issued and outstanding as of December 31, 2013; 1,000,000,000 shares (including 780,000,000 Class A shares, 120,000,000 Class B shares and 100,000,000 shares to be designated by the Board of Directors) authorized and 188,435,922 shares (including 82,487,876 Class A shares and 105,948,046 Class B shares) issued and outstanding as of December 31, 2014)	17,757		121,068		19,513
Additional paid-in capital	200,000		2,298,726,639		370,487,483
Accumulated other comprehensive loss	(19,723,270	)	(21,080,728	)	(3,397,597	)
Accumulated deficit	(405,580,002	)	(869,043,761	)	(140,064,430	)
Total shareholders’ equity/(deficit)	(425,085,515	)	1,408,723,218		227,044,969
Total liabilities, mezzanine equity and shareholders’ equity/(deficit)	323,211,559		1,342,840,698		216,426,635

Schedule of statements of comprehensive loss

CONDENSED STATEMENTS OF COMPREHENSIVE LOSS

(RMB, except share data and per share data, or otherwise noted)

	For the Years Ended December 31,
	2012		2013		2014
							US$ (Note 2(c))
Revenues	—		—		—		—
Cost of revenues	—		—		—		—
Gross profit	—		—		—		—
Operating expenses
Research and product development	—		—		—		—
Sales and marketing	—		—		—		—
General and administrative	(2,090,100	)	(4,026,494	)	(5,617,466	)	(905,371	)
Share of loss of subsidiaries and affiliated entities	(108,975,736	)	(77,414,051	)	(446,158,957	)	(71,907,771	)
Other operating income	—		—		415,259		66,928
Total operating expenses	(111,065,836	)	(81,440,545	)	(451,361,164	)	(72,746,214	)
Loss from operations	(111,065,836	)	(81,440,545	)	(451,361,164	)	(72,746,214	)
Other income/(expenses)
Interest income	4,356,806		1,737,572		6,618,634		1,066,730
Foreign exchange related gains/(losses),net	(480,893	)	70,894		(3,115,321	)	(502,097	)
Loss before income tax expense	(107,189,923	)	(79,632,079	)	(447,857,851	)	(72,181,581	)
Income tax expense	—		—		—		—
Net loss	(107,189,923	)	(79,632,079	)	(447,857,851	)	(72,181,581	)
Deemed dividends to preferred shareholders	—		(59,428,400	)	(15,605,908	)	(2,515,216	)
Net loss attributable to ordinary shareholders	(107,189,923	)	(139,060,479	)	(463,463,759	)	(74,696,797	)
Net loss	(107,189,923	)	(79,632,079	)	(447,857,851	)	(72,181,581	)
Other comprehensive loss
Foreign currency translation adjustment, net of nil tax	(237,281	)	(5,331,216	)	(1,357,458	)	(218,783	)
Comprehensive loss	(107,427,204	)	(84,963,295	)	(449,215,309	)	(72,400,364	)

Schedule of statements of cash flows

CONDENSED STATEMENTS OF CASH FLOWS

(RMB, except share data and per share data, or otherwise noted)

	For the Years Ended December 31,
	2012		2013		2014
							US$ (Note 2(c))
Cash provided by (used in) operating activities	(489,138	)	(3,057,858	)	2,636,388		424,908
Cash used in investing activities	(148,778,745	)	(93,595,112	)	(518,689,918	)	(83,597,640	)
Cash provided by financing activities	—		306,360,473		1,540,396,658		248,266,876
Effect of exchange rate changes on cash and cash equivalents	(717,845	)	(5,250,519	)	(3,039,977	)	(489,955	)
Net increase /(decrease) in cash and cash equivalents	(149,985,728	)	204,456,984		1,021,303,151		164,604,189
Cash and cash equivalents at the beginning of year	247,505,259		97,519,531		301,976,515		48,669,780
Cash and cash equivalents at the end of year	97,519,531		301,976,515		1,323,279,666		213,273,969
Supplemental disclosure of non-cash investing and financing activities
Deemed dividends to preferred shareholders	—		59,428,400		15,605,908		2,515,216
Accrued issuance cost related to private placement	—		—		14,076,285		2,268,685
Accrual related to deferred initial public offering costs	—		2,127,187		—		—
Receivables related to exercise of stock option	—		—		(1,019,748	)	(164,354	)