25.

Condensed financial statements of the Company

The Company performed a test on the restricted net assets of consolidated subsidiaries, VIEs and VIEs' subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company.

The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with the U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2014.

Condensed balance sheets


	As of December 31,
	2013		2014		2014
	RMB'000		RMB'000		US$'000
Assets
Current assets
Cash and cash equivalents		72,118		870,029		140,223
Amounts due from related parties		—		362		58
Amount due from subsidiaries and VIEs		84,597		109,723		17,684
Prepayments and other current assets		62		2,594		419
Total current assets		156,777		982,708		158,384
Non-current assets
Investment in subsidiaries and VIEs		16,308		161,924		26,097
Prepayments and other non-current assets		—		42,833		6,903
Available-for-sale securities		—		19,852		3,200
Intangible assets, net		—		14,992		2,416
Total non-current assets		16,308		239,601		38,616

Total assets		173,085		1,222,309		197,000

Liabilities and shareholders' equity
Current liabilities
Accruals and other current liabilities		—		6,287		1,013
Amount due to subsidiaries and VIEs		8,969		8		1
Amount due to related parties		8,683		8,706		1,403
Total current liabilities		17,652		15,001		2,417

Total liabilities		17,652		15,001		2,417

Commitments and contingencies (Note (i))		—		—		—

Note:

(i)	As of December 31, 2014, the Company did not have any commitments and contingencies.


	As of December 31,
	2013			2014		2014
	RMB'000			RMB'000		US$'000

Mezzanine equity
Series A convertible redeemable preferred shares (US$0.0001 par value, 6,750,000 as of December 31, 2013; and none outstanding as of December 31, 2014)		3,270			—		—
Series A-1 convertible redeemable preferred shares (US$0.0001 par value, 19,717,880 as of December 31, 2013; and none outstanding as of December 31, 2014)		51,452			—		—
Series B convertible redeemable preferred shares (US$0.0001 par value, 25,000,000 as of December 31, 2013; and none outstanding as of December 31, 2014)		159,757			—		—
Series B-1 convertible redeemable preferred shares (US$0.0001 par value, 11,111,100 as of December 31, 2013; and none outstanding as of December 31, 2014)		71,962			—		—
Series C convertible redeemable preferred shares (US$0.0001 par value, 27,948,320 as of December 31, 2013; and none outstanding as of December 31, 2014)		184,223			—		—

Total mezzanine equity		470,664			—		—


Shareholders' (deficit)/equity
Ordinary shares (US$0.0001 par value; 409,472,700 and 500,000,000 shares authorized, 41,032,120 and 173,912,753 shares issued and outstanding as of December 31, 2013 and 2014, respectively)		26			107		18
Other shareholders' (deficit)/equity		(315,257	)		1,207,201		194,565

Total shareholders' (deficit)/equity		(315,231	)		1,207,308		194,583

Total liabilities, mezzanine equity and shareholders' (deficit)/equity		173,085			1,222,309		197,000

Condensed statements of operations and comprehensive (loss)/income


	Year ended December 31,
	2012			2013			2014			2014
	RMB'000			RMB'000			RMB'000			US$'000

Revenues		—			—			—			—
Cost of revenues		—			—			—			—

Gross profit		—			—			—			—

Operating expenses:
General and administrative expenses		—			(478	)		(1,977	)		(319	)

Total operating expenses		—			(478	)		(1,977	)		(319	)

Other (loss)/gain – net		(564	)		(514	)		6,417			1,034

Operating (loss)/income		(564	)		(992	)		4,440			715

Interest income		—			—			1,129			182
Foreign exchange gain and others		—			—			6,221			1,003
(Loss)/Income from subsidiaries and VIEs		(8,727	)		29,124			(28,665	)		(4,620	)


Net (loss)/income		(9,291	)		28,132			(16,875	)		(2,720	)

Accretion to convertible redeemable preferred shares redemption value		(22,870	)		(262,782	)		(1,054,890	)		(170,017	)
Deemed dividend to Series A preferred shareholders		(540	)		(14,402	)		—			—
Deemed dividend to Li Meiping Ordinary Shares		(300	)		(29,075	)		—			—

Net (loss)/income attributable to ordinary shareholders		(33,001	)		(278,127	)		(1,071,765	)		(172,737	)

Condensed statement of cash flows


	Year ended December 31,
	2012			2013			2014			2014
	RMB'000			RMB'000			RMB'000			US$'000

Net cash used in operating activities		(37,578	)		(39,266	)		(13,058	)		(2,104	)
Net cash (used in)/generated from investing activities		(5,695	)		5,687			(77,676	)		(12,519	)
Net cash provided by financing activities		43,715			107,487			893,906			144,071

Net increase in cash and cash equivalents		442			73,908			803,172			129,448

Cash and cash equivalents at the beginning of year		—			441			72,118			11,623

Effect of exchange loss on cash and cash equivalents		(1	)		(2,231	)		(5,261	)		(848	)

Cash and cash equivalents at end of the year		441			72,118			870,029			140,223

During the years ended December 31, 2013 and 2014, there were no cash dividends paid by the subsidiaries and VIEs to the Company.

Basis of presentation

The Company's accounting policies are the same as the Group's accounting policies with the exception of the accounting for the investments in subsidiaries, VIEs and VIEs' subsidiaries.

For the Company only condensed financial information, the Company records its investments in subsidiaries, VIEs and VIEs' subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the condensed balance sheets as “Investment in subsidiaries and VIEs” and the subsidiaries and VIEs' loss as “Equity in loss of subsidiaries and VIEs” on the Condensed Statements of Operations and Comprehensive (Loss)/Income.