| CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY |
27. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
CONDENSED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
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As of December 31, |
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|
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Note |
|
2012 |
|
2013 |
|
|
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
ASSETS: |
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|
|
|
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Current assets: |
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|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
164,024 |
|
117,626 |
|
19,431 |
|
|
Restricted cash |
|
12 |
|
— |
|
60,000 |
|
9,911 |
|
|
Prepaid expenses and other current assets |
|
|
|
2,673 |
|
9,477 |
|
1,568 |
|
|
Available-for-sale investments |
|
11 |
|
— |
|
24,636 |
|
4,070 |
|
|
|
|
|
|
|
|
|
|
|
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Total current assets |
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166,697 |
|
211,739 |
|
34,980 |
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|
|
|
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|
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Non-current assets: |
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Property and equipment, net |
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11,466 |
|
8,359 |
|
1,381 |
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Long term investments |
|
10 |
|
9,033 |
|
13,847 |
|
2,287 |
|
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Available-for-sale investments |
|
11 |
|
82,292 |
|
— |
|
— |
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Investments in subsidiaries |
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|
|
393,371 |
|
423,804 |
|
70,008 |
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|
|
|
|
|
|
|
|
|
|
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Total non-current assets |
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496,162 |
|
446,010 |
|
73,676 |
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|
|
|
|
|
|
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TOTAL ASSETS |
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662,859 |
|
657,749 |
|
108,656 |
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|
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|
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LIABILITIES AND SHAREHOLDERS’ EQUITY: |
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Current liabilities: |
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Accrued expenses and other payables |
|
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|
970 |
|
4,616 |
|
763 |
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|
|
|
|
|
|
|
|
|
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Total current liabilities |
|
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|
970 |
|
4,616 |
|
763 |
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|
|
|
|
|
|
|
|
|
|
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Total liabilities |
|
|
|
970 |
|
4,616 |
|
763 |
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|
|
|
|
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|
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|
|
|
|
|
|
|
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As of December 31, |
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|
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|
Note |
|
2012 |
|
2013 |
|
|
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY: (CONTINUED) |
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Shareholders’ equity: |
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Ordinary shares (US$0.0001 par value; 1,000,000,000 and 1,000,000,000 shares authorized; 374,464,476 and 374,464,476 shares issued and outstanding as of December 31, 2012 and 2013, respectively) |
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|
275 |
|
282 |
|
47 |
|
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Additional paid-in capital |
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1,220,198 |
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1,247,730 |
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206,110 |
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Treasury stock |
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|
(73,101 |
) |
(73,101 |
) |
(12,075 |
) |
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Statutory reserves |
|
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|
1,326 |
|
1,326 |
|
219 |
|
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Accumulated deficit |
|
|
|
(490,032 |
) |
(524,261 |
) |
(86,601 |
) |
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Accumulated other comprehensive income |
|
16 |
|
3,223 |
|
1,157 |
|
193 |
|
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Total shareholders’ equity |
|
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661,889 |
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653,133 |
|
107,893 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
662,859 |
|
657,749 |
|
108,656 |
|
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
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For the years ended December 31, |
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Note |
|
2011 |
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2012 |
|
2013 |
|
|
|
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
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|
|
|
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General and administrative expenses |
|
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|
(13,555 |
) |
(9,210 |
) |
(14,072 |
) |
(2,325 |
) |
|
Impairment of an available-for-sale investment |
|
11(b) |
|
— |
|
— |
|
(1,217 |
) |
(201 |
) |
|
Post-acquisition settlement consideration |
|
4(a) |
|
(7,158 |
) |
— |
|
— |
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— |
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|
|
|
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Operating loss |
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(20,713 |
) |
(9,210 |
) |
(15,289 |
) |
(2,526 |
) |
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|
|
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|
|
|
|
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Interest income |
|
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|
47 |
|
657 |
|
1,075 |
|
178 |
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Other income |
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|
— |
|
680 |
|
6 |
|
1 |
|
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Foreign exchange loss |
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(6,967 |
) |
(2,437 |
) |
(6,608 |
) |
(1,092 |
) |
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Equity in income of subsidiaries |
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|
16,119 |
|
(6,681 |
) |
(13,413 |
) |
(2,215 |
) |
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Loss from continuing operations before income taxes |
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|
(11,514 |
) |
(16,991 |
) |
(34,229 |
) |
(5,654 |
) |
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Net loss from continuing operations |
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(11,514 |
) |
(16,991 |
) |
(34,229 |
) |
(5,654 |
) |
|
Income from discontinued operations |
|
22 |
|
31,977 |
|
— |
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— |
|
— |
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Net income/ (loss) |
|
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|
20,463 |
|
(16,991 |
) |
(34,229 |
) |
(5,654 |
) |
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Foreign currency translation |
|
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|
773 |
|
29 |
|
(1,975 |
) |
(326 |
) |
|
Unrealized gain from available-for-sale investments |
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|
90 |
|
1,594 |
|
1,821 |
|
301 |
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|
Amounts reclassified from accumulated other comprehensive income |
|
11 |
|
— |
|
(224 |
) |
(1,912 |
) |
(316 |
) |
|
Total other comprehensive income, net of tax |
|
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|
863 |
|
1,399 |
|
(2,066 |
) |
(341 |
) |
|
Comprehensive income/ (loss) |
|
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|
21,326 |
|
(15,592 |
) |
(36,295 |
) |
(5,995 |
) |
CONDENSED STATEMENTS OF CASH FLOWS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
|
|
|
For the years ended December 31, |
|
|
|
|
2011 |
|
2012 |
|
2013 |
|
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
Net cash used in operating activities |
|
(63,412 |
) |
(108,007 |
) |
(40,370 |
) |
(6,669 |
) |
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Cash flows from investing activities: |
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Purchases of property and equipment |
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(7,779 |
) |
(5,716 |
) |
— |
|
— |
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Deconsolidation of a consolidated VIE |
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(2,204 |
) |
— |
|
— |
|
— |
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Cash paid pursuant to post-acquisition settlement consideration agreement |
|
(4,286 |
) |
— |
|
— |
|
— |
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Cash paid for available-for-sale investments |
|
(99,190 |
) |
— |
|
— |
|
— |
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Cash paid for available-for-sale investment on behalf of a subsidiary |
|
— |
|
— |
|
(12,240 |
) |
(2,022 |
) |
|
Cash paid for long term investment (Note 10) |
|
(6,033 |
) |
(3,000 |
) |
(4,815 |
) |
(795 |
) |
|
Cash received from sale of available-for-sale investments (Note 11) |
|
— |
|
18,582 |
|
57,260 |
|
9,459 |
|
|
Net cash used in investing activities |
|
(119,492 |
) |
9,866 |
|
40,205 |
|
6,642 |
|
|
Cash flows from financing activities: |
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|
|
|
|
|
|
|
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|
Proceeds from employee share options exercised |
|
4,019 |
|
3,351 |
|
15,683 |
|
2,591 |
|
|
Cash guaranteed as restricted cash |
|
— |
|
— |
|
(60,000 |
) |
(9,911 |
) |
|
Payment for repurchase of ordinary shares |
|
(63,631 |
) |
(9,463 |
) |
— |
|
— |
|
|
Payment of dividend |
|
— |
|
(130 |
) |
— |
|
— |
|
|
Net cash used in financing activities |
|
(59,612 |
) |
(6,242 |
) |
(44,317 |
) |
(7,320 |
) |
|
Net decrease in cash and cash equivalents |
|
(242,516 |
) |
(104,383 |
) |
(44,482 |
) |
(7,347 |
) |
|
Cash and cash equivalents at beginning of the year |
|
519,221 |
|
269,859 |
|
164,024 |
|
27,095 |
|
|
Effect of foreign exchange rate changes on cash |
|
(6,846 |
) |
(1,452 |
) |
(1,916 |
) |
(317 |
) |
|
Cash and cash equivalents at end of the year |
|
269,859 |
|
164,024 |
|
117,626 |
|
19,431 |
|
(a) Basis of presentation
The condensed financial information of the Company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the Company used the equity method to account for investment in its subsidiaries and VIEs. The Company records its investment in its subsidiaries and VIEs under the equity method of accounting. Such investment is presented on the balance sheets as “Investment in subsidiaries” and share of their income as “Equity in income of subsidiaries” on the statements of comprehensive income (loss). The PRC subsidiary and VIEs have restrictions on their ability to pay dividends to the Company under PRC laws and regulations (Note 21). The subsidiaries and VIEs did not pay any dividends to the Company for the years presented.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted by reference to the consolidated financial statements.
(b) Commitments
The Company does not have a significant commitments or long-term obligations as of any of the periods presented. |