Convertible and redeemable preferred shares (Tables)

12 Months Ended

Dec. 31, 2014

Convertible and redeemable preferred shares [Abstract]

Schedule of Composition of Preferred Shares

Series	Issuance date		Share issued and outstanding		Issuance price per share (US$)		Proceeds from issuance, net of issuance costs (US$'000)		Proceeds from issuance, net of issuance costs (RMB'000)		Carrying amount as at December 31,2013 (RMB'000)
Series A		May 3, 2012		6,750,000		0.0704		950		6,000		3,270
Series A -1		Sep 9, 2013		19,717,880		0.4216		8,313		51,452		51,452
Series B (Note (i))		May 3, 2012		25,000,000		0.2400		5,695		35,673		159,757
Series B-1		July 4, 2013		11,111,100		0.3600		4,000		24,648		71,962
Series C		Sep 30, 2013		27,948,320		0.4800		12,288		75,937		184,223

Schedule of Changes in Preferred Shares

Series A Preferred Shares	For the year ended December 31,
	2012		2013			2014
	RMB'000		RMB'000			RMB'000
Beginning balance		—		6,540			3,270
Issuance		6,000		—			—
Deemed dividend		540		—			—
Repurchased by the Company		—		(3,270	)		—
Conversion into ordinary shares (b)		—		—			(3,270	)
Ending balance		6,540		3,270			—

Series A-1 Preferred Shares	For the year ended December 31,
	2012		2013		2014
	RMB'000		RMB'000		RMB'000
Beginning balance		—		—		51,452
Issuance		—		51,452		—
Conversion into ordinary shares (b)		—		—		(51,452	)
Ending balance		—		51,452		—

Series B Preferred Shares	For the year ended December 31,
	2012			2013			2014
	RMB'000			RMB'000			RMB'000
Beginning balance		—			54,238			159,757
Issuance of preferred shares		37,681			—			—
Less: issuance costs		(2,008	)		—			—
Less: warrants to Series B Preferred Shares Investors		(4,243	)		—			—
Accretion to redemption value		22,870			108,776			414,272
Conversion into ordinary shares (b)		—			—			(578,156	)
Exchange difference		(62	)		(3,257	)		4,127
Ending balance		54,238			159,757			—

Series B-1 Preferred Shares	For the year ended December 31,
	2012		2013			2014
	RMB'000		RMB'000			RMB'000
Beginning balance		—		—			71,962
Issuance		—		24,648			—
Transfer from preferred share warrant liability		—		5,232			—
Accretion to redemption value		—		43,042			183,155
Conversion into ordinary shares (b)		—		—			(256,958	)
Exchange difference		—		(960	)		1,841
Ending balance		—		71,962			—

Series C Preferred Shares	For the year ended December 31,
	2012		2013			2014
	RMB'000		RMB'000			RMB'000
Beginning balance		—		—			184,223
Issuance		—		82,898			—
Less: issuance costs (Note (a))		—		(6,961	)		—
Accretion to redemption value		—		110,964			457,463
Conversion into ordinary shares (b)		—		—			(646,340	)
Exchange difference		—		(2,678	)		4,654
Ending balance		—		184,223			—

Note (a):

The Company issued the Series A-1 and Series C Preferred Shares on the same date, and all the proceeds from issuance of Series A-1 Preferred Shares were used by the Company to repurchase 50% of the Series A Preferred Shares, all Li Meiping Ordinary shares, and certain ordinary shares held by Mr. Chen at the same issuance price of Series A-1 Preferred Shares, therefore, the Company considered that it is more appropriate to allocate all the issuance cost to Series C Preferred Shares as the issuance of Series A-1 Preferred Shares and repurchase of Series A Preferred Shares, Li Meiping Ordinary shares and certain ordinary shares were in substance a shareholders' transaction.

Note (b):

In August 2014, the Company completed its IPO. Accordingly, all outstanding preferred shares were converted into class A and class B ordinary shares. The carrying amount of preferred shares immediately prior to conversion was transferred to share capital and additional paid in capital.

Fair Value Assumptions

	As of December 31,
	2013			2014
Risk-free interest rate		1.64	%		—
Volatility		45.96	%		—
Dividend yield		—			—
Discount rate		27.60	%		—