Redeemable convertible preferred shares (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Subscription Rights [Member] |
|
| Assumptions to Estimated Fair Value of Warrants |
| |
|
March 5,
2014 |
|
|
April 24,
2014 |
|
| Spot price(1) |
|
|
3.31 - 4.65 |
|
|
|
3.39 - 4.64 |
|
| Risk-free interest rate(2) |
|
|
0.04 |
% |
|
|
0.02 |
% |
| Volatility rate(3) |
|
|
38.12 |
% |
|
|
42.74 |
% |
| Dividend yield(4) |
|
|
— |
|
|
|
— |
|
|
(1) |
Spot price – based on the fair value of 100 percent equity interest of the Company which is allocated to preferred shares and common shares of the Company as at the valuation date under different scenarios. The probability of the occurrence of an IPO is assumed to be 80%, the probability of the occurrence of a liquidation event is assumed to be 10% and the probability of the occurrence of a redemption event is assumed to be 10%.
|
|
(2) |
Risk-free interest rate – based on the US Treasury Bond & Notes BFV curve from Bloomberg as at the valuation date. |
|
(3) |
Volatility – based on the average historical volatility of the comparable companies from Bloomberg as at the valuation date. |
|
(4) |
The Company has no history or expectation of paying dividends on its common shares. |
|
| Series E Preferred Shares [Member] | Convertible Redeemable Preferred Shares [Member] |
|
| Summary of Redeemable Convertible Preferred Shares |
| (In thousands) |
|
December 31,
2015 |
|
| Beginning balance |
|
|
— |
|
| Addition |
|
|
275,314 |
|
| Exercise of Series E subsequent sale rights |
|
|
28,568 |
|
| BCF upon Series E |
|
|
(53,486 |
) |
| Amortisation of BCF of Series E |
|
|
4,139 |
|
| Accretion of Series E to convertible redeemable preferred shares redemption value |
|
|
12,754 |
|
| Acceleration of amortization of BCF of Series E upon IPO |
|
|
49,346 |
|
| Deemed dividend to preferred shareholders upon IPO |
|
|
27,396 |
|
| Converted to common shares upon IPO |
|
|
(344,031 |
) |
| Ending balance |
|
|
— |
|
|
| Series D Preferred Stock [Member] | Convertible Redeemable Preferred Shares [Member] |
|
| Summary of Redeemable Convertible Preferred Shares |
| |
|
Years ended
December
31,2013 |
|
|
Years ended
December
31,2014 |
|
| Beginning balance |
|
|
35,990 |
|
|
|
40,290 |
|
| Deemed dividend to Series D shareholder from its modification |
|
|
— |
|
|
|
279 |
|
| Accretion of Series D to convertible redeemable preferred shares redemption value |
|
|
4,300 |
|
|
|
1,870 |
|
| Repurchase of preferred shares |
|
|
— |
|
|
|
(15,003 |
) |
| Deemed dividend to preferred shareholders upon IPO |
|
|
— |
|
|
|
4,008 |
|
| Converted to common shares upon IPO |
|
|
— |
|
|
|
(31,444 |
) |
| Ending balance |
|
|
40,290 |
|
|
|
— |
|
|
| Series D Warrants [Member] |
|
| Assumptions to Estimated Fair Value of Warrants |
| |
|
December 31,
2013 |
|
|
February 6,
2014 |
|
| Spot price(1) |
|
|
4.36 |
|
|
|
4.47 |
|
| Risk-free interest rate(2) |
|
|
0.05 |
% |
|
|
0 |
%* |
| Volatility rate(3) |
|
|
30.33 |
% |
|
|
0 |
%* |
| Dividend yield(4) |
|
|
— |
|
|
|
— |
|
|
* |
Given that the maturity date of Series D warrant was February 6, 2014, the volatility rate and risk-free interest rate did not affect the valuation of the warrant on February 6, 2014.
|
| (1) |
Spot price – based on the fair value of 100 percent equity interest of the Company which was allocated to preferred shares and common shares of the Company as at the valuation date under different scenarios. For the valuation on March 5, 2014 and March 31, 2014, the probability of the occurrence of an IPO is assumed to be 80%, the probability of the occurrence of a liquidation event is assumed to be 10% and the probability of the occurrence of a redemption event is assumed to be 10%
|
|
(2) |
Risk-free interest rate – based on the US Treasury Bond & Notes BFV curve from Bloomberg as at the valuation date.
|
|
(3) |
Volatility – based on the average historical volatility of the comparable companies from Bloomberg as at the valuation date.
|
|
(4) |
The Company has no history or expectation of paying dividends on its common shares.
|
|
| Series E Warrants [Member] |
|
| Assumptions to Estimated Fair Value of Warrants |
| |
|
March 5,
2014 |
|
| Spot price(1) |
|
|
3.31 - 4.65 |
|
| Risk-free interest rate(2) |
|
|
0.04% - 0.12 |
% |
| Volatility rate(3) |
|
|
38.39% - 38.81 |
% |
| Dividend yield(4) |
|
|
— |
|
| (1) |
Spot price – based on the fair value of 100 percent equity interest of the Company which was allocated to preferred shares and common shares of the Company as at the valuation date under different scenarios. For the valuation on March 5, 2014 and March 31, 2014, the probability of the occurrence of an IPO is assumed to be 80%, the probability of the occurrence of a liquidation event is assumed to be 10% and the probability of the occurrence of a redemption event is assumed to be 10%
|
|
(2) |
Risk-free interest rate – based on the US Treasury Bond & Notes BFV curve from Bloomberg as at the valuation date.
|
|
(3) |
Volatility – based on the average historical volatility of the comparable companies from Bloomberg as at the valuation date.
|
|
(4) |
The Company has no history or expectation of paying dividends on its common shares.
|
|
| Series E Warrants [Member] | Convertible Redeemable Preferred Shares [Member] |
|
| Assumptions to Estimated Fair Value of Warrants |
| |
|
March 5,
2014 |
|
| Spot price(1) |
|
|
4.50 - 4.65 |
|
| Risk-free interest rate(2) |
|
|
0.12 |
% |
| Volatility rate(3) |
|
|
38.81 |
% |
| Dividend yield(4) |
|
|
— |
|
|
(1) |
Spot price – based on the fair value of 100 percent equity interest of the Company which is allocated to preferred shares and common shares of the Company as at the valuation date under different scenarios. For the valuation on March 5, 2014 and March 31, 2014, the probability of the occurrence of an IPO is assumed to be 80%, the probability of the occurrence of a liquidation event is assumed to be 10% and the probability of the occurrence of a redemption event is assumed to be 10% .
|
|
(2) |
Risk-free interest rate – based on the US Treasury Bond & Notes BFV curve from Bloomberg as at the valuation date. |
|
(3) |
Volatility – based on the average historical volatility of the comparable companies from Bloomberg as at the valuation date. |
|
(4) |
The Company has no history or expectation of paying dividends on its common shares. |
|