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Warrants (Tables)

12 Months Ended

Dec. 31, 2014


	Insurance date			December 31, 2012			Exercise date

Fair value of Warrants – Series B-1
- US$'000		670			766			849
- RMB'000		4,243			4,815			5,232
Risk-free interest rate		0.27	%		0.22	%		0.09	%
Volatility		51.62	%		42.75	%		41.37	%
Dividend yield		—			—			—
Discount rate		28.9	%		28.2	%		27.6	%

Schedule of Movement of Warrants


	For the year ended December 31,
	2012		2013
	RMB'000		RMB'000

Beginning balance		—		4,815
Issuance		4,243		—
Fair value change		564		514
Exercise		—		(5,232	)
Exchange difference		8		(97	)

Ending balance		4,815		—

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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