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Yiren Digital Ltd. – ‘20-F’ for 12/31/15 – ‘EX-101.INS’

On:  Wednesday, 4/27/16, at 9:09am ET   ·   For:  12/31/15   ·   Accession #:  1144204-16-96479   ·   File #:  1-37657

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/27/16  Yiren Digital Ltd.                20-F       12/31/15   79:7.6M                                   Toppan Merrill/FA

Annual Report by a Foreign Non-Canadian Issuer   —   Form 20-F   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 20-F        Annual Report by a Foreign Non-Canadian Issuer      HTML   1.24M 
 2: EX-8.1      Opinion of Counsel re: Tax Matters                  HTML     23K 
 5: EX-13.1     Annual or Quarterly Report to Security Holders      HTML     23K 
 6: EX-13.2     Annual or Quarterly Report to Security Holders      HTML     23K 
 3: EX-12.1     Statement re: Computation of Ratios                 HTML     26K 
 4: EX-12.2     Statement re: Computation of Ratios                 HTML     26K 
 7: EX-15.1     Letter re: Unaudited Interim Financial Info         HTML     22K 
14: R1          Document and Entity Information                     HTML     45K 
15: R2          Consolidated Balance Sheets                         HTML     93K 
16: R3          Consolidated Balance Sheets (Parenthetical)         HTML     62K 
17: R4          Consolidated Statements of Operations               HTML     58K 
18: R5          Consolidated Statements of Comprehensive Income or  HTML     36K 
                Loss                                                             
19: R6          Consolidated Statements of Changes in Equity        HTML     58K 
20: R7          Consolidated Statements of Changes in Equity        HTML     27K 
                (Parenthetical)                                                  
21: R8          Consolidated Statements of Cash Flows               HTML    104K 
22: R9          Organization and Principal Activities               HTML     53K 
23: R10         Summary of Significant Accounting Policies          HTML    201K 
24: R11         Prepaid Expense and Other Assets                    HTML     32K 
25: R12         Fair Value of Assets and Liabilities                HTML     60K 
26: R13         Short-Term Investments                              HTML     43K 
27: R14         Property, Equipment and Software, Net               HTML     34K 
28: R15         Accrued Expenses and Other Liabilities              HTML     34K 
29: R16         Fair Value of Liabilities From Financial Guarantee  HTML     28K 
                Associated to Risk Reserve Fund                                  
30: R17         Related Party Balances and Transactions             HTML     55K 
31: R18         Income Taxes                                        HTML     56K 
32: R19         Net (Loss)/Income Per Share and Net (Loss)/Income   HTML     35K 
                Attributable to Common Stockholders                              
33: R20         Segment Information                                 HTML     32K 
34: R21         Employee Benefit Plan                               HTML     26K 
35: R22         Statutory Reserves and Restricted Net Assets        HTML     29K 
36: R23         Commitments and Contingencies                       HTML     30K 
37: R24         Subsequent Events                                   HTML     28K 
38: R25         Schedule 1                                          HTML    133K 
39: R26         Summary of Significant Accounting Policies          HTML    253K 
                (Policies)                                                       
40: R27         Organization and Principal Activities (Tables)      HTML     39K 
41: R28         Summary of Significant Accounting Policies          HTML     87K 
                (Tables)                                                         
42: R29         Prepaid Expense and Other Assets (Tables)           HTML     32K 
43: R30         Fair Value of Assets and Liabilities (Tables)       HTML     57K 
44: R31         Short-Term Investments (Tables)                     HTML     38K 
45: R32         Property, Equipment and Software, Net (Tables)      HTML     32K 
46: R33         Accrued Expenses and Other Liabilities (Tables)     HTML     33K 
47: R34         Related Party Balances and Transactions (Tables)    HTML     40K 
48: R35         Income Taxes (Tables)                               HTML     50K 
49: R36         Net (Loss)/Income Per Share and Net (Loss)/Income   HTML     32K 
                Attributable to Common Stockholders (Tables)                     
50: R37         Commitments and Contingencies (Tables)              HTML     28K 
51: R38         Schedule 1 (Tables)                                 HTML    132K 
52: R39         Organization and Principal Activities (Summary of   HTML     39K 
                Major Subsidiaries and VIE) (Details)                            
53: R40         Organization and Principal Activities (Narrative)   HTML     66K 
                (Details)                                                        
54: R41         Summary of Significant Accounting Policies          HTML     66K 
                (Narrative and Other) (Details)                                  
55: R42         Summary of Significant Accounting Policies          HTML    116K 
                (Schedule of VIE Amounts and Balances included in                
                the Accompanying Consolidated Financial                          
                Statements) (Details)                                            
56: R43         Prepaid Expense and Other Assets (Details)          HTML     37K 
57: R44         Fair Value of Assets and Liabilities (Schedule of   HTML     47K 
                the Fair Value Hierarchy) (Details)                              
58: R45         Fair Value of Assets and Liabilities (Summary of    HTML     31K 
                Significant Unobservable Inputs) (Details)                       
59: R46         Fair Value of Assets and Liabilities (Schedule of   HTML     52K 
                Additional Information) (Details)                                
60: R47         Short-Term Investments (Details)                    HTML     43K 
61: R48         Property, Equipment and Software, Net (Details)     HTML     43K 
62: R49         Accrued Expenses and Other Liabilities (Details)    HTML     44K 
63: R50         Related Party Balances and Transactions (Details)   HTML     64K 
64: R51         Income Taxes (Reconciliation of the Statutory       HTML     48K 
                Income Tax Rate to Income Tax Expense) (Details)                 
65: R52         Income Taxes (Schedule of Income Tax Expense)       HTML     33K 
                (Details)                                                        
66: R53         Income Taxes (Schedule of Deferred Tax Assets)      HTML     37K 
                (Details)                                                        
67: R54         Net (Loss)/Income Per Share and Net (Loss)/Income   HTML     32K 
                Attributable to Common Stockholders (Details)                    
68: R55         Employee Benefit Plan (Details)                     HTML     25K 
69: R56         Statutory Reserves and Restricted Net Assets        HTML     31K 
                (Details)                                                        
70: R57         Commitments and Contingencies (Details)             HTML     40K 
71: R58         Subsequent Events (Details)                         HTML     41K 
72: R59         Schedule 1 (Condensed Balance Sheets) (Details)     HTML     84K 
73: R60         Schedule 1 (Condensed Statements of Operations)     HTML     40K 
                (Details)                                                        
74: R61         Schedule 1 (Condensed Statements of Comprehensive   HTML     40K 
                Income or Loss) (Details)                                        
75: R62         Schedule 1 (Condensed Statements of Changes in      HTML    107K 
                Equity) (Details)                                                
76: R63         Schedule 1 (CONDENSED STATEMENTS of CASH FLOW)      HTML     77K 
                (Details)                                                        
78: XML         IDEA XML File -- Filing Summary                      XML    133K 
77: EXCEL       IDEA Workbook of Financial Reports                  XLSX     92K 
 8: EX-101.INS  XBRL Instance -- yrd-20151231                        XML   1.71M 
10: EX-101.CAL  XBRL Calculations -- yrd-20151231_cal                XML    209K 
11: EX-101.DEF  XBRL Definitions -- yrd-20151231_def                 XML    464K 
12: EX-101.LAB  XBRL Labels -- yrd-20151231_lab                      XML   1.47M 
13: EX-101.PRE  XBRL Presentations -- yrd-20151231_pre               XML    904K 
 9: EX-101.SCH  XBRL Schema -- yrd-20151231                          XSD    145K 
79: ZIP         XBRL Zipped Folder -- 0001144204-16-096479-xbrl      Zip    184K

‘EX-101.INS’   —   XBRL Instance — yrd-20151231

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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><b>1.</b></font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><b>ORGANIZATION AND PRINCIPAL ACTIVITIES</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Yirendai Ltd. (the “Company” or “Yirendai”) was incorporated under the laws of the Cayman Islands on September 24, 2014. Upon incorporation, the Company had <font>50,000</font> shares authorized, <font>1</font> share issued and outstanding with a par value of US$<font>1.00</font> per share, which was held by CreditEase Holdings (Cayman) Limited (“CreditEase”). Pursuant to a written resolutions of CreditEase dated January 5, 2015, the Company's every issued and unissued share of par value of US$<font>1.00</font> each in the capital of the Company is subdivided into <font>10,000</font> shares of par value US$<font>0.0001</font> each, such that the Company has an authorized capital of US$<font>50</font> divided into <font>500,000,000</font> shares of par value US$<font>0.0001</font> each and <font>10,000</font> issued capital of par value US$<font>0.0001</font> each amounted to US$<font>1</font>.00. On June 25, 2015, the Company issued <font>99,990,000</font> ordinary shares at par value US$<font>0.0001</font> per share, to CreditEase, at US$<font>0.0001</font> per share for an aggregate cash consideration of $<font>10</font>. Such issuance was accounted for as a stock split and, accordingly, all references to numbers of common shares and per-share data in the accompanying unaudited condensed consolidated financial statements have been adjusted to reflect the stock split and issuance of shares on a retroactive basis.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">On December 18, 2015, the Company completed its initial public offering ("IPO") and registered <font>7,500,000</font> American Depositary Shares <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"> ("ADS",</font><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"> </font><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">each representing <font>two</font> ordinary shares)</font> at US$<font>10</font> per ADS for an aggregate offering price of US$<font>75</font> million. During the IPO, the Company issued and sold <font>2,000,000</font> ordinary shares in a concurrent placement, to Baidu (Hong Kong) Limited, at US$<font>5</font> per share for an aggregated cash consideration of US$<font>10</font> million.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">CreditEase is engaged in providing services for both online and offline marketplace connecting borrowers and investors as well as wealth management services in People's Republic of China (“PRC”) through its subsidiaries and consolidated variable interest entities. The Company, its subsidiaries and consolidated variable interest entities (“VIEs”) (the Company, its subsidiaries and its VIEs collectively referred to as the “Group”) provide services for online marketplace connecting borrowers and investors in the PRC.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">In 2012, Puxin Hengye Technology Development (Beijing) Co., Ltd. (“Puxin Hengye”), a subsidiary of CreditEase began providing services through an online marketplace connecting borrowers and investors (the “Yirendai Business”), with supporting services provided by other subsidiaries and VIEs of CreditEase. In order to raise capital for this business through an initial public offering, in the first quarter of 2015, CreditEase undertook a reorganization through which CreditEase transferred the Yirendai Business to the Group. Such reorganization was approved by the Board of Directors of CreditEase, with the VIE structure being in place on February 22, 2015 and completed on March 31, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt;"><font style="font-family: Times New Roman, Times, Serif; color: black;">As of December 31, 2015, the Company's subsidiaries and consolidated VIEs are as follows:</font><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <div> <table style="font: 10pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse; margin-left: 0.25in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="width: 30%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 2%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 17%; text-align: center; border-bottom: Black 1pt solid;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Date of</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">incorporation/</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">establishment</font></td> <td style="width: 2%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 12%; text-align: center; border-bottom: Black 1pt solid;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Place of</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">incorporation/</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">establishment</font></td> <td style="width: 2%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 11%; text-align: center; border-bottom: Black 1pt solid;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Percentage</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">of legal</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">ownership</font></td> <td style="width: 2%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 22%; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Principal activities</font></td> </tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; ;font-family: 'Times New Roman';" colspan="3"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><i>Wholly owned subsidiaries</i></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr> <td><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> </tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Yirendai Hong Kong Limited (“Yirendai HK”)</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>October 8, 2014</font></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>Hong Kong</font></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>100</font>%</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Investment holding</font></td> </tr> <tr> <td><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> </tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Yi Ren Heng Ye Technology Development (Beijing) Co., Ltd. (“Heng Ye”)</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>January 8, 2015</font></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>PRC</font></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>100</font>%</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Provision of consultancy</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">information technology</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">support</font></td> </tr> <tr> <td><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> </tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><i>Variable interest entities</i></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr> <td><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> </tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Heng Cheng Technology Development (Beijing) Co., Ltd. (1)  (“Heng Cheng”)</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>September 15, 2014</font></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>PRC</font></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Consolidated</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">VIE</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Services for online</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">marketplace connecting</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">borrowers and investors</font></td> </tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -12px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Huijin No. 28 Single Capital Trust ("Consolidated Trust" or the "Trust")</font> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"><font>October 16, 2015</font></font> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>PRC</font> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center;"> <p style="margin: 0px;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"> Consolidated</font></p> <p style="margin: 0px;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">VIE</font></p> </td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Investment in loans through the Company's platform</font> </font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in;"><font style="color: black;"> </font></p> <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt; margin-left: 0.25in;"> <div style="font-size: 1pt; border-top: Black 1pt solid; width: 25%;"><font style="color: black;"> </font></div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in;"><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in;"><br/></p> <table style="width: 96%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.25in;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 0in; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 0.25in; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">(1)</font></td> <td style="vertical-align: top; ;font-family: 'Times New Roman';"> <div>Heng Cheng was established on September 15, 2014 as the operating entity in PRC of the Yirendai Business in contemplating raising capital for this business through an initial public offering. CreditEase designated Mr. Ning Tang, Mr. Fanshun Kong and Ms. Yan Tian, three PRC citizens, as the shareholders of Heng Cheng (collectively the “three designated shareholders”) on behalf of CreditEase. The capital injected into Heng Cheng by the three designated shareholders was provided by CreditEase through loans extended by Puxin Hengye. As a result, Mr. Ning Tang, Mr. Fanshun Kong and Ms. Yan Tian were considered de facto agent of CreditEase, and CreditEase should consolidate Heng Cheng as a VIE.</div> </td> </tr> </table> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">In February 2015, soon after the establishment of Heng Ye, Heng Ye entered into an agreement with Puxin Hengye. Based on the agreement, the title of the loans of capital injection was transferred from Puxin Hengye to Heng Ye. And the control over Heng Cheng was transferred to Heng Ye as well through the new VIE arrangements signed with Heng Cheng, which is considered a contribution to the Yirendai Business. As a result, Heng Cheng is a VIE that should be consolidated by CreditEase before and after signing the VIE arrangements in February 2015, and this transaction is accounted for as a transaction under common control.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">As a result of the reorganization, the Yirendai Business was transferred to the Group, the accompanying consolidated financial statements have been prepared as if the current corporate structure has been in existence throughout the periods presented. The assets and liabilities and the related results of operation and cash flows of Yirendai Business reflect financial positions and operating results of the online marketplace service business connecting borrowers and investors. However, such presentation may not necessarily reflect the results of operations, financial position and cash flows if the Group had actually existed on a stand-alone basis during the periods presented. Transactions between the Group and CreditEase are herein referred to as related party transactions.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Company entered into non-competition arrangement with CreditEase, under which they agreed not to compete with each other's core business. CreditEase agreed not to compete with the Group in a business that is of the same nature as (i) the online consumer finance marketplace business currently conducted or contemplated to be conducted by us as of the date of the agreement and (ii) other businesses that the Group and CreditEase may mutually agree from time to time. The Group agreed not to compete with CreditEase in the business conducted by CreditEase, other than (i) the online consumer finance marketplace business operated by the Group as of the date of the agreement and (ii) other businesses that the Group and CreditEase may mutually agree from time to time.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Yirendai Business has operated within CreditEase's corporate cash management program before the completion of the reorganization. For purposes of presentation in the consolidated statements of cash flows, the cash flow from CreditEase to support the Yirendai Business is presented as cash contribution from owner, which is included in cash flows from financing activities.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Cash contribution from owner as disclosed under cash flows from financing activities have also been reflected as changes to the balances in total equity as presented in the consolidated statements of changes in equity.</font></p> </div>
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<yrd:InitialPublicOfferingAggregateAmount id="Tag170" contextRef="I2015-12-18" unitRef="USD" decimals="-6"> 75000000 </yrd:InitialPublicOfferingAggregateAmount>
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<dei:EntityIncorporationStateCountryName id="Tag172" contextRef="D2015-01-01_To_2015-12-31_YiRenHengYeTechnologyDevelopmentCoLtd"> PRC </dei:EntityIncorporationStateCountryName>
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<dei:EntityIncorporationStateCountryName id="Tag187" contextRef="D2015-01-01_To_2015-12-31_YirendaiHongKongLimitedMember"> Hong Kong </dei:EntityIncorporationStateCountryName>
<dei:EntityIncorporationDateOfIncorporation id="Tag188" contextRef="D2015-01-01_To_2015-12-31_YiRenHengYeTechnologyDevelopmentCoLtd"> 2015-01-08 </dei:EntityIncorporationDateOfIncorporation>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="font: 10pt Times New Roman, Times, Serif; width: 96%; border-collapse: collapse; margin-left: 0.25in;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="width: 30%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 2%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 17%; text-align: center; border-bottom: Black 1pt solid;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Date of</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">incorporation/</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">establishment</font></td> <td style="width: 2%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 12%; text-align: center; border-bottom: Black 1pt solid;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Place of</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">incorporation/</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">establishment</font></td> <td style="width: 2%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 11%; text-align: center; border-bottom: Black 1pt solid;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Percentage</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">of legal</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">ownership</font></td> <td style="width: 2%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 22%; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Principal activities</font></td> </tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; ;font-family: 'Times New Roman';" colspan="3"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><i>Wholly owned subsidiaries</i></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr> <td><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> </tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Yirendai Hong Kong Limited (“Yirendai HK”)</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>October 8, 2014</font></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>Hong Kong</font></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>100</font>%</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Investment holding</font></td> </tr> <tr> <td><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> </tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Yi Ren Heng Ye Technology Development (Beijing) Co., Ltd. (“Heng Ye”)</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>January 8, 2015</font></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>PRC</font></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>100</font>%</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Provision of consultancy</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">information technology</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">support</font></td> </tr> <tr> <td><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> </tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><i>Variable interest entities</i></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr> <td><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> <td colspan="2"><font style="color: black;"> </font></td> </tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Heng Cheng Technology Development (Beijing) Co., Ltd. (1)  (“Heng Cheng”)</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>September 15, 2014</font></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>PRC</font></font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Consolidated</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">VIE</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Services for online</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">marketplace connecting</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">borrowers and investors</font></td> </tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -12px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Huijin No. 28 Single Capital Trust ("Consolidated Trust" or the "Trust")</font> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"><font>October 16, 2015</font></font> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>PRC</font> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center;"> <p style="margin: 0px;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"> Consolidated</font></p> <p style="margin: 0px;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">VIE</font></p> </td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; text-align: center;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Investment in loans through the Company's platform</font> </font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in;"><font style="color: black;"> </font></p> <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt; margin-left: 0.25in;"> <div style="font-size: 1pt; border-top: Black 1pt solid; width: 25%;"><font style="color: black;"> </font></div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in;"><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in;"><br/></p> <table style="width: 96%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.25in;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 0in; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 0.25in; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">(1)</font></td> <td style="vertical-align: top; ;font-family: 'Times New Roman';"> <div>Heng Cheng was established on September 15, 2014 as the operating entity in PRC of the Yirendai Business in contemplating raising capital for this business through an initial public offering. CreditEase designated Mr. Ning Tang, Mr. Fanshun Kong and Ms. Yan Tian, three PRC citizens, as the shareholders of Heng Cheng (collectively the “three designated shareholders”) on behalf of CreditEase. The capital injected into Heng Cheng by the three designated shareholders was provided by CreditEase through loans extended by Puxin Hengye. As a result, Mr. Ning Tang, Mr. Fanshun Kong and Ms. Yan Tian were considered de facto agent of CreditEase, and CreditEase should consolidate Heng Cheng as a VIE.</div> </td> </tr> </table> </div>
</yrd:OrganizationAndConsolidationTableTextBlock>
<us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent id="Tag198" contextRef="I2014-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 28813000 </us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent>
<us-gaap:Liabilities id="Tag199" contextRef="I2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 141458000 </us-gaap:Liabilities>
<us-gaap:AccountsPayableOtherCurrentAndNoncurrent id="Tag200" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 3411000 </us-gaap:AccountsPayableOtherCurrentAndNoncurrent>
<us-gaap:TaxesPayableCurrentAndNoncurrent id="Tag201" contextRef="I2014-12-31" unitRef="USD" decimals="-3"> 68000 </us-gaap:TaxesPayableCurrentAndNoncurrent>
<yrd:GuaranteeLiabilityPolicyTextBlock id="Tag202" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><b>Liabilities from risk reserve fund guarantee</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Starting from January 1, 2015, the Group terminated the relationship with Tian Da Xin An, the guarantee company, and launched a new investor protection service in the form of a financial guarantee called the risk reserve fund. If a loan originated on or after January 1, 2015 defaults, the Group guarantees the principal and accrued interest repayment of the defaulted loan up to the balance of the risk reserve fund on a portfolio basis. The risk reserve fund being set aside equals <font>6</font>%-<font>7</font>% of the total loan facilitation amount. The Group reserves the right to revise the percentage upwards or downwards as a result of the Group's continuing evaluation of factors such as market dynamics as well as of its product lines, profitability and cash position.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">At the inception of each loan, the Group recognizes a stand-ready liability as the fair value of the risk reserve fund guarantee in accordance with ASC 460-10-55-23 (b).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">According to ASC 460-10-35-1, the stand-ready liability initially recognized would typically be reduced (by a credit to earnings) as the Group is released from risk under the guarantee either through expiry or performance. The recognition of a contingent liability results in the recognition of expenses in earnings. The Group tracks its stand-ready liability on a loan-by-loan basis to monitor the expiration. When the Group releases the stand-ready liability through performance of the guarantee (by making payments on defaulted loans), it recognizes revenue along with the loss on defaulted loans. Revenue from releasing of stand-ready liability and expenses from recognition of contingent liability related to the risk reserve fund guarantee are presented on a net basis in the income statement. On a portfolio basis, when the aggregate contingent liability required to be recognized under ASC 450-20-25 exceeds the risk reserve fund liability balance, the Group will record the excess as expense.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The movement of liability from risk reserve fund guarantee during the year ended December 31, 2015 is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><br/></p> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">As of January 1, 2015</font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>—</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 87%; color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Provision at the inception of new loans (Note)</font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>105,340</font></font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Payment</font></td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>(20,986</font></font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td><font style="color: black;"> </font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">As of December 31, 2015</font></td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>84,354</font></font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> </table> <p><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><br/></p> <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt; margin-left: 0.25in;"> <div style="font-size: 1pt; border-top: Black 1pt solid; width: 25%;"><font style="color: black;"> </font></div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><br/></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Note:</font></td> <td style="vertical-align: top; width: 92%; ;font-family: 'Times New Roman';"> <div>Amount represents cash received on non-contingent fees allocated to the stand-ready liability for loans generated during the year.</div> </td> </tr> </table> </div> <p><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">As of December 31, 2015, the maximum potential undiscounted future payment the Group would be required to make was $<font>69,979</font>, which takes into account of the amount set aside by the Group in the restricted cash balance of the risk reserve fund.</font></p> </div> </div>
</yrd:GuaranteeLiabilityPolicyTextBlock>
<us-gaap:ReceivablesPolicyTextBlock id="Tag203" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b>Accounts receivable and allowance for uncollectible accounts receivable</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Accounts receivable are stated at the historical carrying amount net of write-offs and allowance for uncollectible accounts. The Group establishes an allowance for uncollectible accounts receivable based on estimates, historical experience and other factors surrounding the credit risk of specific clients. Uncollectible accounts receivable are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Group has determined the balance will not be collected.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group recorded <font>no</font> allowance for the uncollectible accounts receivables as of December 31, 2014 due to all accounts receivables were guaranteed by Tian Da Xin An (see Note 8). With the termination of the guarantee contract in relation to loan facilitated on or after January 1, 2015 with Tian Da Xin An, the Group does not record additional accounts receivable during the year ended December 31, 2015 and <font>no</font> allowance is recorded on the balance sheet as of December 31, 2015.</font></p> </div>
</us-gaap:ReceivablesPolicyTextBlock>
<us-gaap:CostOfSalesPolicyTextBlock id="Tag204" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Origination and servicing expense</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Origination and servicing expense consists primarily of variable expenses and vendor costs, including costs related to credit assessment, customer and system support, payment processing services and collection associated with facilitating and servicing loan.</p> </div>
</us-gaap:CostOfSalesPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock id="Tag205" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Income taxes</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Current income taxes are provided for in accordance with the laws of the relevant tax authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Deferred income taxes are provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, the management consider all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><i>Value added taxes (“VAT”)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">The Group is subject to VAT at the rate of <font>6</font>% or <font>3</font>%, depending on whether the entity is a general tax payer or small-scale taxpayer, and related surcharges on revenue generated from providing services. VAT is also reported as a deduction to revenue when incurred and amounted to $<font>191</font>, $<font>1,858</font> and $<font>18,786</font> for the year ended December 31, 2013, 2014 and 2015, respectively. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in the line item of accrued expense and other liabilities on the face of balance sheet.</p> </div>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:ConcentrationRiskCreditRisk id="Tag206" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Significant risks and uncertainties</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Foreign currency risk</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into foreign currencies. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. The cash and cash equivalents of the Group included aggregate amounts of US$<font>222</font> and US$<font>130,641</font>, which were denominated in RMB, at December 31, 2014 and 2015, respectively, representing <font>100</font>% and <font>41</font>% of the cash and cash equivalents at December 31, 2014 and 2015, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Concentration of credit risk</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Financial instrument that potentially expose the Group to significant concentration of credit risk primarily included in the financial lines of cash and cash equivalents, accounts receivable, prepaid expenses and other assets. As of December 31, 2014, substantially all of the Group's cash and cash equivalents were deposited in financial institutions located in the PRC. Accounts receivable are typically unsecured and are derived from revenue earned from customers in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">There are no revenues from customers which individually represent greater than 10% of the total net revenues for any year of the three years period ended December 31, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">There are no customers of the Group that accounted for greater than 10% of the Group's carrying amount of accounts receivable as of December 31, 2014 and 2015.</p> </div>
</us-gaap:ConcentrationRiskCreditRisk>
<us-gaap:AccruedAdvertisingCurrentAndNoncurrent id="Tag207" contextRef="I2014-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock id="Tag208" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Recent accounting pronouncements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">In May 2014, the FASB issued, ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The guidance substantially converges final standards on revenue recognition between the FASB and the International Accounting Standards Board providing a framework on addressing revenue recognition issues and, upon its effective date, replaces almost all exiting revenue recognition guidance, including industry-specific guidance, in current U.S. generally accepted accounting principles.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps:</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"> </p> <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; width: 1407px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse;" width="100%"> <tr> <td style="width: 99px;"> </td> <td style="vertical-align: top; width: 28px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</font></td> <td style="vertical-align: top; width: 14px;"> </td> <td style="vertical-align: top; width: 1266px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Step 1: Identify the contract (s) with a customer.</font></td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"> </p> <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; width: 1407px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse;" width="100%"> <tr> <td style="width: 99px;"> </td> <td style="vertical-align: top; width: 28px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</font></td> <td style="vertical-align: top; width: 14px;"> </td> <td style="vertical-align: top; width: 1266px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Step 2: Identify the performance obligations in the contract.</font></td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"> </p> <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; width: 1407px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse;" width="100%"> <tr> <td style="width: 99px;"> </td> <td style="vertical-align: top; width: 28px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</font></td> <td style="vertical-align: top; width: 14px;"> </td> <td style="vertical-align: top; width: 1266px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Step 3: Determine the transaction price.</font></td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"> </p> <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; width: 1407px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse;" width="100%"> <tr> <td style="width: 99px;"> </td> <td style="vertical-align: top; width: 28px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</font></td> <td style="vertical-align: top; width: 14px;"> </td> <td style="vertical-align: top; width: 1266px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Step 4: Allocate the transaction price to the performance obligations in the contract.</font></td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"> </p> <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; width: 1407px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse;" width="100%"> <tr> <td style="width: 99px;"> </td> <td style="vertical-align: top; width: 28px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</font></td> <td style="vertical-align: top; width: 14px;"> </td> <td style="vertical-align: top; width: 1266px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.</font></td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">  </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">In August 2015, FASB issued its final standard formally amending the effective date of the new revenue recognition guidance. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Group is in the process of evaluating the impact of adoption of this guidance on its consolidated financial statements.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">In August 2014, the FASB issued ASU 2014-13, "Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity" The guidance is to eliminate diversity in practice in the accounting for measurement differences in both the initial consolidation and subsequent measurement of the financial assets and the financial liabilities of a collateralized financing entity. A reporting entity that consolidates a collateralized financing entity within the scope of the new guidance may elect to measure the financial assets and the financial liabilities of that collateralized financing entity using either the measurement alternative included in the new guidance or the existing guidance on fair value measurement. When a reporting entity elects the measurement alternative included in the new guidance for a collateralized financing entity, the reporting entity should measure both the financial assets and the financial liabilities of that collateralized financing entity in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. Early adoption is permitted. As noted earlier, the Group elected to early adopt this guidance.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810) — Amendments to the Consolidation Analysis”. The amendments in Topic 810 respond to stakeholders' concerns about the current accounting for consolidation of variable interest entities, by changing aspects of the analysis that a reporting entity must perform to determine whether it should consolidate such entities. Under the amendments, all reporting entities are within the scope of Subtopic 810-10, Consolidation – Overall, including limited partnerships and similar legal entities, unless a scope exception applies. The amendments are intended to be an improvement to current U.S. GAAP, as they simplify the codification of FASB Statement No. 167, Amendments to FASB Interpretation No. 46 (R), with changes including reducing the number of consolidation models through the elimination of the indefinite deferral of Statement 167 and placing more emphasis on risk of loss when determining a controlling financial interest. The amendments are effective for publicly-traded companies for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. Earlier adoption is permitted. The Group elected to early adopt this guidance.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><font style="font-size: 10pt;">In January 2016, the FASB issued ASU </font>2016-01<font style="font-size: 10pt;">, "Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" This guidance revises the accounting related to the classification and measurement of investments in equity securities as well as the presentation for certain fair value changes in financial liabilities measured at fair value, and amends certain disclosure requirements. The guidance requires that all equity investments, except those accounted for under the equity method of accounting or those resulting in the consolidation of the investee, be accounted for at fair value with all fair value changes recognized in income. For financial liabilities measured using the fair value option, the guidance requires that any change in fair value caused by a change in instrument-specific credit risk be presented separately in other comprehensive income until the liability is settled or reaches maturity. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted for certain provisions. A reporting entity would generally record a cumulative-effect adjustment to beginning retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Group is in the process of evaluating the impact that this guidance will have on its consolidated financial statements.</font></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the guidance is permitted. In transition, entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Group is in the process of evaluating the impact that this guidance will have on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><br/></p> </div> </div>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:LossContingencyAccrualProvision id="Tag209" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 105340000 </us-gaap:LossContingencyAccrualProvision>
<us-gaap:GuaranteeObligationsMaximumExposure id="Tag210" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 69979000 </us-gaap:GuaranteeObligationsMaximumExposure>
<us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations id="Tag211" contextRef="D2015-01-01_To_2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember" unitRef="USD" decimals="-3"> -5648000 </us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
<us-gaap:NetIncomeLoss id="Tag212" contextRef="D2013-01-01_To_2013-12-31_VariableInterestEntityPrimaryBeneficiaryMember" unitRef="USD" decimals="-3"> -8342000 </us-gaap:NetIncomeLoss>
<us-gaap:DueToRelatedPartiesCurrentAndNoncurrent id="Tag213" contextRef="I2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 529000 </us-gaap:DueToRelatedPartiesCurrentAndNoncurrent>
<us-gaap:DeferredRevenueAndCredits id="Tag214" contextRef="I2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 18139000 </us-gaap:DeferredRevenueAndCredits>
<us-gaap:BasisOfAccountingPolicyPolicyTextBlock id="Tag215" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><b>Basis of presentation</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for financial information necessary for the fair statement of the results and financial position for the periods presented. These accounting principles require management to make certain estimates and assumptions that affect the amounts in the accompanying financial statements. Actual results may differ from those estimates.</font></p> </div>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock id="Tag216" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><b>Fair value</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Level 1-inputs are based upon unadjusted quoted prices for identical assets or liabilities traded in active markets.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Level 2-inputs are based upon quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Level 3-inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair value are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><b>Fair value option</b></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Company has elected the fair value option for the assets and liabilities of the consolidated trust. Such election is irrevocable and is applied to financial instruments on an individual basis at initial recognition. The Company has applied the fair value option for certain loans and debt obligations held by the consolidated trust that otherwise would not have been carried at fair value. See Note 4 for further disclosure on financial instruments of the consolidated trust for which the fair value option has been elected.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><b> </b></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><b>Fair value of financial instruments</b></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 22.95pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 22.95pt;"><u>Fair value of liabilities from financial guarantee associated to risk reserve fund</u></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The fair value of the stand-ready liability associated with the risk reserve fund guarantee recorded at the inception of the loan was estimated using a discounted cash flow model to our expected payouts from the risk reserve fund, and also by incorporating a markup margin. The Group estimates its expected future payouts based on its current product mix as well as its estimates of expected net charge-off rates and expected collection rates and a discount rate. The expected future cash payout is capped at the restricted cash balance of the risk reserve fund. In the fourth quarter of 2015, in order to continue to attract new and retain existing investors and to remain consistent with the current industry practice in China, the Group set aside more cash in the risk reserve fund from the fourth quarter of 2015, based on its current business intention but not legal obligation, so that the balance in the risk reserve fund is enough to cover the expected payouts.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Group estimated the expected net charge-off rates of the loan facilitated as the weighted average of the expected net charge-off rates of loan Grade A, B, C, and D. The Group developed the expected net charge-off rates for Grade A based on the Group's historical experience and Grade D by reference to the past performance of similar products of CreditEase. Grade B and C loans have credit risks higher than Grade A but lower than Grade D.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><u>Fair value of loans and payable to the Fund at fair value</u></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Company has elected fair value accounting for loans and related payable to Fund. Changes in the fair value of loans for the period are recorded as fair value adjustments and included in origination and servicing expenses. The Company estimates the fair value of loans using a discounted cash flow valuation methodology. The fair valuation methodology considers projected prepayments and net charge off to project future losses and net cash flows on loans.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Company has adopted the measurement alternative included in ASU 2014-13 - the new collateralized financing entity (“CFE”) guidance. Amounts presented for the year ended December 31, 2015 in the consolidated statements of operations reflect the adoption of this accounting guidance in 2015.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"></font><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Pursuant to the new CFE guidance, the Company measures both the financial assets and financial liabilities of the consolidated asset backed financing entity in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The Company believes the fair value of the financial assets of the consolidated trust is more observable than the fair value of the financial liability of the consolidated trust. As a result, the loans of the consolidated trust are measured at fair value and the payable to fund is measured in consolidation as: (i) the sum of the fair value of the loans and the carrying value of any non-financial assets that are incidental to the operations of the trust less (ii) the sum of the fair value of loan default loss borne by the Company through the security deposit. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Under the measurement alternative, the Company's consolidated net income reflects the Company's own economic interests in the consolidated trust including changes in the fair value of the beneficial interests retained by the Company, which is the fair value of the loan default loss borne by the Company through the security deposit.</font></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 23pt;"><u>Fair value of other financial instruments</u></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">Financial instruments include cash and cash equivalents, restricted cash, amount due from/to related parties, accounts receivable and accounts payables. The carrying values of cash and cash equivalents, restricted cash, amounts due from/to a related party, accounts receivable and accounts payables are recorded at historical cost. Given the short-term nature of these instruments, the Company considers the amortized cost to approximate their fair value reported in the consolidated balance sheets.</p> </div>
</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
<us-gaap:MarketableSecuritiesAvailableForSaleSecuritiesPolicy id="Tag217" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b>Short-term investments</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b></b></font><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The Group's short-term investments mainly include held-to-maturity securities, comprising of term deposits and debt securities placed with banks. Held-to maturity securities that will mature within one year are included in short-term investments. Investments are classified as held-to-maturity when the Group has the positive intent and ability to hold the security to maturity, and are recorded at amortized cost.</font></font></p> </div>
</us-gaap:MarketableSecuritiesAvailableForSaleSecuritiesPolicy>
<yrd:AccruedIncentives id="Tag218" contextRef="I2014-12-31" unitRef="USD" xsi:nil="true"/>
<yrd:FundsPayable id="Tag219" contextRef="I2014-12-31" unitRef="USD" decimals="-3"> 26622000 </yrd:FundsPayable>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock id="Tag220" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b>Property, equipment and software, net</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Furniture and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the following estimated useful lives:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0.5in;" cellspacing="0" cellpadding="0" width="100%"> <tr style="background-color: white;"> <td style="vertical-align: top; width: 60%; padding-left: 10pt; text-indent: -10pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Computer and transmission equipment</font></td> <td style="vertical-align: bottom; width: 4%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; width: 36%; text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>3</font> years</font></td> </tr> <tr style="background-color: white;"> <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Furniture and office equipment</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>5</font> years</font></td> </tr> <tr style="background-color: white;"> <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"> Software</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>5</font> years</font></td> </tr> <tr style="background-color: white;"> <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Leasehold improvements</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Over the shorter of the lease term</font></td> </tr> <tr style="background-color: white;"> <td style="vertical-align: top; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">or expected useful lives</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Gains and losses from the disposal of property, equipment and software are included in income from operation.</font></p> </div>
</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<us-gaap:AccountsReceivableNet id="Tag221" contextRef="I2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 12814000 </us-gaap:AccountsReceivableNet>
<us-gaap:Assets id="Tag222" contextRef="I2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 187150000 </us-gaap:Assets>
<us-gaap:Assets id="Tag223" contextRef="I2014-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 64825000 </us-gaap:Assets>
<us-gaap:AccountsPayableCurrentAndNoncurrent id="Tag224" contextRef="I2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 695000 </us-gaap:AccountsPayableCurrentAndNoncurrent>
<us-gaap:Liabilities id="Tag225" contextRef="I2015-12-31_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember_1" unitRef="USD" decimals="-3"> 39159000 </us-gaap:Liabilities>
<us-gaap:RestrictedCashAndCashEquivalents id="Tag226" contextRef="I2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 69979000 </us-gaap:RestrictedCashAndCashEquivalents>
<us-gaap:PrepaidExpenseAndOtherAssets id="Tag227" contextRef="I2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 36162000 </us-gaap:PrepaidExpenseAndOtherAssets>
<us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent id="Tag228" contextRef="I2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 37741000 </us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent>
<us-gaap:Liabilities id="Tag229" contextRef="I2014-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 28813000 </us-gaap:Liabilities>
<us-gaap:PrepaidExpenseAndOtherAssets id="Tag230" contextRef="I2015-12-31_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember_1" unitRef="USD" decimals="-3"> 213000 </us-gaap:PrepaidExpenseAndOtherAssets>
<us-gaap:LoansAndLeasesReceivableNetReportedAmount id="Tag231" contextRef="I2015-12-31_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember_1" unitRef="USD" decimals="-3"> 34164000 </us-gaap:LoansAndLeasesReceivableNetReportedAmount>
<us-gaap:ScheduleOfVariableInterestEntitiesTextBlock id="Tag232" contextRef="D2015-01-01_To_2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <div style="display: block;"> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; ;font-family: 'Times New Roman';" colspan="6" nowrap="nowrap"><font style="color: black;">As of December 31,</font></td> <td style="color: #32406b; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="color: black;">2014</font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="color: black;">2015</font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Assets</font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 74%; color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Cash and cash equivalents</font></td> <td style="width: 1%; color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 10%; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>222</font></font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 10%; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>22,316</font></font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Restricted cash</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>69,979</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Accounts receivable</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>25,971</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>12,814</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Prepaid expenses and other assets</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>32,592</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>36,162</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Amounts due from related parties</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>5,489</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>13,416</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Short-term investments</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>4,632</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Property, equipment and software, net</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>551</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>678</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Deferred tax assets</font></td> <td style="color: #32406b; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>27,153</font></font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';"><font style="color: black;">Total assets</font></td> <td style="color: #32406b; padding-bottom: 2.5pt; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>64,825</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 2.5pt; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>187,150</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';"><font style="color: black;">Liabilities</font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Accounts payable</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>695</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';"><font style="color: black;">Amounts due to related parties</font></td> <td style="color: #32406b; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>529</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Liabilities from risk reserve fund guarantee</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>84,354</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';"><font style="color: black;">Deferred revenue</font></td> <td style="color: #32406b; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>18,139</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Accrued expenses and other liabilities</font></td> <td style="color: #32406b; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>28,813</font></font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>37,741</font></font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Total liabilities</font></td> <td style="color: #32406b; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>28,813</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>141,458</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> </table> <p> <br/></p> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-collapse: collapse; width: 1197px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-left: 0.3in;" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="10" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">For the years ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2013</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2015</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 382.672px; text-align: left; text-indent: -10pt; padding-left: 10pt;">Net revenue</td> <td style="width: 7px;"> </td> <td style="width: 7px; text-align: left;"> </td> <td style="width: 65px; text-align: right;"><font>3,131</font></td> <td style="width: 7px; text-align: left;"> </td> <td style="width: 7px;"> </td> <td style="width: 7px; text-align: left;"> </td> <td style="width: 64px; text-align: right;"><font>31,893</font></td> <td style="width: 6px; text-align: left;"> </td> <td style="width: 6px;"> </td> <td style="width: 6px; text-align: left;"> </td> <td style="width: 64px; text-align: right;"><font>209,585</font></td> <td style="width: 6px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt;">Net (loss)/income</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>(8,342</font></td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>(4,497</font></td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>74,121</font></td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-collapse: collapse; width: 1197px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-left: 0.3in;" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="10" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">For the years ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2013</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2015</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 382.672px; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt; background-color: #cceeff;">Net cash (used in)/provided by operating activities</td> <td style="width: 7px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 7px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"> </td> <td style="width: 65px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"><font>(11,274</font></td> <td style="width: 7px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;">)</td> <td style="width: 7px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 7px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"> </td> <td style="width: 64px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"><font>(36,846</font></td> <td style="width: 6px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;">)</td> <td style="width: 6px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 6px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"> </td> <td style="width: 64px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"><font>57,183</font></td> <td style="width: 6px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 382.672px; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt;">Net cash used in investing activities </td> <td style="width: 7px; padding-bottom: 1pt;"> </td> <td style="width: 7px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="width: 65px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font> <font>(123</font></font></td> <td style="width: 7px; text-align: left; padding-bottom: 1pt;">) </td> <td style="width: 7px; padding-bottom: 1pt;"> </td> <td style="width: 7px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="width: 64px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font> <font>(580</font></font></td> <td style="width: 6px; text-align: left; padding-bottom: 1pt;">) </td> <td style="width: 6px; padding-bottom: 1pt;"> </td> <td style="width: 6px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="width: 64px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font> <font>(5,648</font></font></td> <td style="width: 6px; text-align: left; padding-bottom: 1pt;">) </td> </tr> </table> </div> </div> </div>
</us-gaap:ScheduleOfVariableInterestEntitiesTextBlock>
<us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent id="Tag233" contextRef="I2015-12-31_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember_1" unitRef="USD" decimals="-3"> 110000 </us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent>
<us-gaap:PropertyPlantAndEquipmentUsefulLife id="Tag234" contextRef="D2015-01-01_To_2015-12-31_ComputerEquipmentMember"> P3Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations id="Tag235" contextRef="D2015-01-01_To_2015-12-31_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember" unitRef="USD" decimals="-3"> 39792000 </us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
<us-gaap:AvailableForSaleSecurities id="Tag236" contextRef="I2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 4632000 </us-gaap:AvailableForSaleSecurities>
<us-gaap:PropertyPlantAndEquipmentNet id="Tag237" contextRef="I2014-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 551000 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:LossContingencyAccrualAtCarryingValue id="Tag238" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 84354000 </us-gaap:LossContingencyAccrualAtCarryingValue>
<us-gaap:PropertyPlantAndEquipmentUsefulLife id="Tag239" contextRef="D2015-01-01_To_2015-12-31_SoftwareAndSoftwareDevelopmentCostsMember"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:DefinedBenefitPlanContributionsByEmployer id="Tag240" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 3811000 </us-gaap:DefinedBenefitPlanContributionsByEmployer>
<us-gaap:ConsolidationPolicyTextBlock id="Tag241" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <div style="display: block;"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><b>Basis of consolidation</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The accompanying consolidated financial statements include the financial statements of the Company, its wholly-owned subsidiaries, and consolidated VIEs. All inter-company transactions and balances have been eliminated upon consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23pt; color: #32406b;"><font style="color: black;"><b> </b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23pt; color: #32406b;"><font style="color: black;"><b>Heng Cheng</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23pt; color: #32406b;"><font style="color: black;"><u>The VIE arrangements</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Foreign ownership of internet-based businesses, including distribution of online information (such as an online marketplace connecting borrowers and investors), is subject to restrictions under current PRC laws and regulations. For example, foreign investors are not allowed to own more than 50% of the equity interests in internet-based businesses (except E-Commerce) and any such foreign investor must have experience in providing internet-based businesses services overseas and maintain a good track record in accordance with the Guidance Catalog of Industries for Foreign Investment promulgated in 2007, as amended in 2011 and 2015, respectively, and other applicable laws and regulations. The Company is a Cayman Islands company and Heng Ye (its PRC subsidiary) is considered foreign invested enterprise. To comply with these regulations, the Company conducts the majority of its activities in PRC through Heng Cheng (its consolidated VIE).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Heng Cheng hold the requisite licenses and permits necessary to conduct the Company's online marketplace connecting borrowers and investors business. Heng Ye has entered into the following contractual arrangement with Heng Cheng, that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of Heng Cheng, and (2) receive the economic benefits of Heng Cheng that could be significant to Heng Cheng. Accordingly, the Company is considered the primary beneficiary of Heng Cheng and has consolidated Heng Cheng's assets, liabilities, results of operations, and cash flows in the accompanying consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="font-size: 10pt; color: black;">In concluding that the Company is the primary beneficiary of Heng Cheng, the Company believes that the Heng Ye's rights under the terms of the exclusive option agreements provide it with a substantive kick out right. More specifically, the Company believes the terms of the exclusive option agreements are valid, binding and enforceable under PRC laws and regulations currently in effect. A simple majority vote of the Company's board of directors is required to pass a resolution to exercise Heng Ye's rights under the exclusive option agreements, for which consent of the shareholders of Heng Cheng is not required. Heng Ye's rights under the exclusive option agreements give the Company the power to control the shareholders of Heng Cheng and thus the power to direct the activities that most significantly impact the Heng Cheng's economic performance. In addition, Heng Ye's rights under the powers of attorney also reinforce the Company's abilities to direct the activities that most significantly impact Heng Cheng's economic performance. The Company also believes that this ability to exercise control ensures that Heng Cheng will continue to execute and renew services agreements and pay service fees to the Company. The exclusive business cooperation agreement will be terminated upon the expiration of the operation term of either party if the application for renewal of its operation term is not approved by the relevant government authorities. As a result, the Company believes that it has the rights to receive substantially all of the economic benefits from Heng Cheng.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Agreements that provide Heng Ye effective control over Heng Cheng</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><u>Power of attorney</u> The shareholders of Heng Cheng have executed an irrevocable power of attorney in favor of Heng Ye, or entity or individual designated by Heng Ye. Pursuant to this powers of attorney, Heng Ye or its designee has full power and authority to exercise all of such shareholder's rights with respect to his equity interest in Heng Cheng. The power of attorney will remain in force for so long as the shareholder remains a shareholder of Heng Cheng.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><u>Exclusive option agreement</u> Heng Cheng and its shareholders have also entered into an exclusive share option agreement with Heng Ye. Pursuant to this agreement, the shareholders of Heng Cheng has granted an exclusive option to Heng Ye or its designees to purchase all or part of such shareholders' equity interest, at a purchase price equal to the higher of the registered capital of Heng Cheng or the lowest price required under PRC laws at the time of such purchase.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><u>Equity interest pledge agreement</u> The shareholders of Heng Cheng has also entered into an equity pledge agreement with Heng Ye, pursuant to which each shareholder pledged his interest in Heng Cheng to guarantee the performance of obligations of Heng Cheng and its shareholders under the exclusive business cooperation agreement, loan agreements, exclusive option agreements and powers of attorney.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Agreements that transfer economic benefits to Heng Ye</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><u>Exclusive business cooperation agreement</u> Heng Ye has entered into exclusive business cooperation agreement with Heng Cheng. Pursuant to this exclusive business cooperation agreement, Heng Ye provides comprehensive technical support, consulting services and other services to Heng Cheng in exchange for service fees. Heng Ye has the sole discretion to determine the amounts of the services fees.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">During the term of exclusive business cooperation agreement, both Heng Ye and Heng Cheng shall renew their operation terms prior to the expiration thereof so as to enable the exclusive business cooperation agreement to remain effective. The exclusive business cooperation agreement shall be terminated upon the expiration of the operation term of either Heng Ye or Heng Cheng, if the application for renewal of their operation terms are not approved by relevant government authorities.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The agreement may be terminated only at the option of Heng Ye and Heng Cheng has no authority to terminate the exclusive business cooperation agreement.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23pt; color: #32406b;"><font style="color: black;"><u>Risks in relation to the VIE structure</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Company believes that the contractual arrangements with Heng Cheng and its current shareholders are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company's ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Revoke the business and operating licenses of Heng Ye and Heng Cheng;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Discontinue or restrict the operations of any related-party transactions among Heng Ye and Heng Cheng;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Impose fines or other requirements on Heng Ye and Heng Cheng;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Require the Company or Heng Ye and Heng Cheng to revise the relevant ownership structure or restructure operations; and/or</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Restrict or prohibit the Company's use of the proceeds of the additional public offering to finance the Company's business and operations in China.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Shutting down the Company's servers or blocking the Company's online platform;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Discontinuing or placing restrictions or onerous conditions on the Company's operations; and/or</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Requiring the Company to undergo a costly and disruptive restructuring.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Company's ability to conduct its business may be negatively affected if the PRC government were to carry out any of the aforementioned actions. As a result, the Company may not be able to consolidate Heng Cheng in its consolidated financial statements as it may lose the ability to exert effective control over Heng Cheng and its shareholder, and it may lose the ability to receive economic benefits from Heng Cheng.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The interests of the shareholders of Heng Cheng may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing Heng Cheng not to pay the service fees when required to do so. The Company cannot assure that when conflicts of interest arise, shareholders of Heng Cheng will act in the best interests of the Company or that conflicts of interests will be resolved in the Company's favor. Currently, the Company does not have existing arrangements to address potential conflicts of interest the shareholders of Heng Cheng may encounter in its capacity as beneficial owners and directors of Heng Cheng, on the one hand, and as beneficial owners and directors of the Company, on the other hand. The Company believes the shareholders of Heng Cheng will not act contrary to any of the contractual arrangements and the exclusive option agreements provide the Company with a mechanism to remove the current shareholders of Heng Cheng should they act to the detriment of the Company. The Company relies on certain current shareholders of Heng Cheng to fulfill their fiduciary duties and abide by laws of the PRC and act in the best interest of the Company. If the Company cannot resolve any conflicts of interest or disputes between the Company and the shareholders of Heng Cheng, the Company would have to rely on legal proceedings, which could result in disruption of its business, and there is substantial uncertainty as to the outcome of any such legal proceedings.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The following financial statement amounts and balances of Heng Cheng was included in the accompanying consolidated financial statements:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;"><br/></p> <div> <div style="display: block;"> <div style="display: block;"> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; ;font-family: 'Times New Roman';" colspan="6" nowrap="nowrap"><font style="color: black;">As of December 31,</font></td> <td style="color: #32406b; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="color: black;">2014</font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="color: black;">2015</font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Assets</font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 74%; color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Cash and cash equivalents</font></td> <td style="width: 1%; color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 10%; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>222</font></font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 10%; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>22,316</font></font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Restricted cash</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>69,979</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Accounts receivable</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>25,971</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>12,814</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Prepaid expenses and other assets</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>32,592</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>36,162</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Amounts due from related parties</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>5,489</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>13,416</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Short-term investments</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>4,632</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Property, equipment and software, net</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>551</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>678</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Deferred tax assets</font></td> <td style="color: #32406b; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>27,153</font></font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';"><font style="color: black;">Total assets</font></td> <td style="color: #32406b; padding-bottom: 2.5pt; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>64,825</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 2.5pt; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>187,150</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';"><font style="color: black;">Liabilities</font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Accounts payable</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>695</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';"><font style="color: black;">Amounts due to related parties</font></td> <td style="color: #32406b; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>529</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Liabilities from risk reserve fund guarantee</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>84,354</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';"><font style="color: black;">Deferred revenue</font></td> <td style="color: #32406b; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>18,139</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Accrued expenses and other liabilities</font></td> <td style="color: #32406b; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>28,813</font></font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>37,741</font></font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Total liabilities</font></td> <td style="color: #32406b; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>28,813</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>141,458</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> </table> <p> <br/></p> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-collapse: collapse; width: 1197px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-left: 0.3in;" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="10" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">For the years ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2013</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2015</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 382.672px; text-align: left; text-indent: -10pt; padding-left: 10pt;">Net revenue</td> <td style="width: 7px;"> </td> <td style="width: 7px; text-align: left;"> </td> <td style="width: 65px; text-align: right;"><font>3,131</font></td> <td style="width: 7px; text-align: left;"> </td> <td style="width: 7px;"> </td> <td style="width: 7px; text-align: left;"> </td> <td style="width: 64px; text-align: right;"><font>31,893</font></td> <td style="width: 6px; text-align: left;"> </td> <td style="width: 6px;"> </td> <td style="width: 6px; text-align: left;"> </td> <td style="width: 64px; text-align: right;"><font>209,585</font></td> <td style="width: 6px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt;">Net (loss)/income</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>(8,342</font></td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>(4,497</font></td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>74,121</font></td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-collapse: collapse; width: 1197px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-left: 0.3in;" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="10" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">For the years ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2013</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2015</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 382.672px; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt; background-color: #cceeff;">Net cash (used in)/provided by operating activities</td> <td style="width: 7px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 7px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"> </td> <td style="width: 65px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"><font>(11,274</font></td> <td style="width: 7px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;">)</td> <td style="width: 7px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 7px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"> </td> <td style="width: 64px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"><font>(36,846</font></td> <td style="width: 6px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;">)</td> <td style="width: 6px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 6px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"> </td> <td style="width: 64px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"><font>57,183</font></td> <td style="width: 6px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 382.672px; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt;">Net cash used in investing activities </td> <td style="width: 7px; padding-bottom: 1pt;"> </td> <td style="width: 7px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="width: 65px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font> <font>(123</font></font></td> <td style="width: 7px; text-align: left; padding-bottom: 1pt;">) </td> <td style="width: 7px; padding-bottom: 1pt;"> </td> <td style="width: 7px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="width: 64px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font> <font>(580</font></font></td> <td style="width: 6px; text-align: left; padding-bottom: 1pt;">) </td> <td style="width: 6px; padding-bottom: 1pt;"> </td> <td style="width: 6px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="width: 64px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font> <font>(5,648</font></font></td> <td style="width: 6px; text-align: left; padding-bottom: 1pt;">) </td> </tr> </table> </div> </div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.1pt; text-indent: -0.1pt; color: #32406b;"><font style="color: black;">In accordance with the VIE contractual arrangements, Heng Ye has the power to direct activities of Heng Cheng, and can have assets transferred out of Heng Cheng. There are <font>no</font> consolidated VIE's assets that are collateral for the VIE's obligations and can only be used to settle the VIE's obligations. Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets, equivalent to the balance of its paid-in capital, capital reserve and statutory reserves, to the Company in the form of loans and advances or cash dividends. Please refer to Note 14 for disclosure of restricted net assets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.1pt; text-indent: -0.1pt; color: #32406b;"><font style="color: black;">Heng Cheng began to provide services through an online marketplace connecting borrowers and investors in December 2014. Currently, Heng Cheng operates with website <i> www.yirendai.com.</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.1pt; text-indent: -0.1pt; color: #32406b;"><font style="color: black;"><b>Consolidated Trust</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.1pt; text-indent: -0.1pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">As part of the Group's strategy to expand its investor base from individual investors to institutional investors, in October 2015, the Company established a business relationship with the Trust under which the Trust invested in loans through the Company's platform using funds received from its sole beneficiary. The Trust is administered by a third-party state-owned trust company ("the trust company"), which acts as the trustee, for the purposes of providing returns to its sole beneficiary through extending loans up to an aggregate principal amount of US$<font>38.6</font> million to borrowers recommended by the Company. The Trust's settlor and sole beneficiary is a fund managed by Zhe Hao Shanghai Asset Management Company, or Zhe Hao, an affiliate of CreditEase ("the Fund").</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Company holds variable interest in the Trust through two items.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">Under the Cooperator's Service and Management Agreement between the Company and the trust company, the Company provides loan facilitation and post-origination services to the Trust. The Company does not charge the Trust any direct fee. Instead, fee is charged from the borrowers upon the inception of the loan. A loan agreement was signed between the trust company (as lender) and the borrowers. Through a separate loan service contract, the Company charges transaction fee from the borrowers. There is a transaction fee refund clause that differentiates this contract from other similar contracts signed by the Company. This clause will cause the Company to retain some level of prepayment risk on the underlying loans in the Trust.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">Under a deposit agreement between the Company and the trust company, the Company pays a security deposit in the amount of <font>6</font>% of the total loan contract principles to the Trust as a security fund to protect the Trust from potential losses from loan default. Regardless of the default rate of the loans invested by the Trust, the Company will not transfer any additional cash into the Trust's security fund other than the foregoing amount. When a default occurs, the Trust will use cash from the security fund to cover the defaulted amount. When the Trust is dissolved, if the amount of payouts remains below <font>20</font>% of the cash set aside in the security fund, the remainder of the security fund will be returned to the Company. Otherwise, the remainder of the security fund will become part of the Trust's assets and subject to distributions made to the Trust's sole beneficiary.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Company holds variable interest in the Trust through the transaction fee charged as the terms of the arrangement is not customarily present in arrangements for similar services. The Company also holds variable interest in the Trust through the security deposit provided to the Trust as the security deposit is considered a guarantee of the repayment of the loans of the Trust.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">Since cash received from the Fund is invested in loans at inception of the entity, loan servicing and default loan collection performed by the Company are the activities that most significantly impact the Trust's economic performance. Therefore, the Company has power to direct the activities of the Trust.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">Without considering the defaults and the re-investment return, the expected return of the Trust is about <font>12</font>% of the loan's face value. The Company's transaction fee arrangement takes around <font>27.6</font>% of the loan's face value as an upfront fee. Although the fee is partially refundable depending on the loan repayment timing, it still could be significant to the VIE. As a result, the Company also has the right to receive benefits from the VIE that could potentially be significant to the VIE.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">Accordingly, the Company is considered the primary beneficiary of the Trust and has consolidated the Trust's assets, liabilities, results of operations, and cash flows in the accompanying consolidated financial statements.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Zhe Hao (on behalf of the Fund) transferred its 100% beneficiary rights (after deducting the benefit from the Trust enjoyed by the Fund during the period prior to the transfer of US$2.1 million)</font><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"> </font><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">in the Trust to China International Capital Corporation Limited in 2016 to issue asset backed securities to investors. Please refer to Note 16 for details.</font></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The assets of the Trust are not available to creditors of the Company. In addition, the sole beneficiary in the Trust has no recourse against the assets of the Company.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The following financial statement amounts and balances of the Trust was included in the accompanying consolidated financial statements after elimination of intercompany transactions and balances:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt;"><font style="color: black;"> </font></p> <div> <div style="display: block;"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt;"><br/></p> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="color: black;">As of December 31,</font></td> <td style="padding-bottom: 1pt; color: #32406b; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="color: black;">2015</font></td> <td style="padding-bottom: 1pt; color: #32406b; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Assets</font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 74%; color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Restricted cash</font></td> <td style="width: 1%; color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 10%; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>4,745</font></font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Prepaid expenses and other assets</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>213</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Loans at fair value</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>34,164</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Total assets</font></td> <td style="color: #32406b; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>39,122</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td><font style="color: black;"> </font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Liabilities</font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Payable to the Fund at fair value</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>39,049</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Accrued expenses and other liabilities</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>110</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Total liabilities</font></td> <td style="color: #32406b; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>39,159</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> </table> <p><br/></p> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-collapse: collapse; width: 1074px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-left: 0.3in;" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">For the year ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2015</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 396px; text-align: left;">Net revenue</td> <td style="width: 7px;"> </td> <td style="width: 6px; text-align: left;"> </td> <td style="width: 64px; text-align: right;"><font>—</font></td> <td style="width: 6px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Net loss</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font>1,804</font></td> <td style="padding-bottom: 1pt; text-align: left;"> </td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><br/></p> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-collapse: collapse; width: 1076px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-left: 0.3in;" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">For the year ended December 31</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2015</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 396px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;">Net cash used in operating activities</td> <td style="width: 7px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 6px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"> </td> <td style="width: 64px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font>(2,030</font></td> <td style="width: 6px; padding-bottom: 1pt; text-align: left; background-color: #cceeff;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 396px; text-align: left; padding-bottom: 1pt;">Net cash used in investing activities </td> <td style="width: 7px; padding-bottom: 1pt;"> </td> <td style="width: 6px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"> </td> <td style="width: 64px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font> <font>(37,724</font></font></td> <td style="width: 6px; padding-bottom: 1pt; text-align: left;">) </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 396px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;">Net cash provided by financing activities </td> <td style="width: 7px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 6px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"> </td> <td style="width: 64px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font> <font>39,792</font></font></td> <td style="width: 6px; padding-bottom: 1pt; text-align: left; background-color: #cceeff;"> </td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p> </div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt;"><font style="color: black;">All assets of consolidated Trust are collateral for the Trust obligations and can only be used to settle the Trust‘s obligations.</font></p> </div> </div> </div>
</us-gaap:ConsolidationPolicyTextBlock>
<us-gaap:EarningsPerSharePolicyTextBlock id="Tag242" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Net income (loss) per share</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Basic and diluted net income (loss) per share is computed by dividing loss attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period.</p> </div>
</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:CashAndCashEquivalentsAtCarryingValue id="Tag243" contextRef="I2014-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 222000 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:AccountsReceivableNet id="Tag244" contextRef="I2014-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 25971000 </us-gaap:AccountsReceivableNet>
<us-gaap:DeferredIncomeTaxAssetsNet id="Tag245" contextRef="I2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 27153000 </us-gaap:DeferredIncomeTaxAssetsNet>
<us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations id="Tag246" contextRef="D2015-01-01_To_2015-12-31_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember" unitRef="USD" decimals="-3"> -2030000 </us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>
<us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations id="Tag247" contextRef="D2015-01-01_To_2015-12-31_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember" unitRef="USD" decimals="-3"> -37724000 </us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
<us-gaap:ScheduleOfVariableInterestEntitiesTextBlock id="Tag248" contextRef="D2015-01-01_To_2015-12-31_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt;"><br/></p> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="color: black;">As of December 31,</font></td> <td style="padding-bottom: 1pt; color: #32406b; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="color: black;">2015</font></td> <td style="padding-bottom: 1pt; color: #32406b; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Assets</font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 74%; color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Restricted cash</font></td> <td style="width: 1%; color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 10%; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>4,745</font></font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Prepaid expenses and other assets</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>213</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Loans at fair value</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>34,164</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Total assets</font></td> <td style="color: #32406b; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>39,122</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td><font style="color: black;"> </font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Liabilities</font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Payable to the Fund at fair value</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>39,049</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Accrued expenses and other liabilities</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>110</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Total liabilities</font></td> <td style="color: #32406b; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>39,159</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> </table> <p><br/></p> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-collapse: collapse; width: 1074px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-left: 0.3in;" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">For the year ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2015</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 396px; text-align: left;">Net revenue</td> <td style="width: 7px;"> </td> <td style="width: 6px; text-align: left;"> </td> <td style="width: 64px; text-align: right;"><font>—</font></td> <td style="width: 6px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Net loss</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font>1,804</font></td> <td style="padding-bottom: 1pt; text-align: left;"> </td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><br/></p> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-collapse: collapse; width: 1076px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-left: 0.3in;" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">For the year ended December 31</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2015</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 396px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;">Net cash used in operating activities</td> <td style="width: 7px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 6px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"> </td> <td style="width: 64px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font>(2,030</font></td> <td style="width: 6px; padding-bottom: 1pt; text-align: left; background-color: #cceeff;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 396px; text-align: left; padding-bottom: 1pt;">Net cash used in investing activities </td> <td style="width: 7px; padding-bottom: 1pt;"> </td> <td style="width: 6px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"> </td> <td style="width: 64px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font> <font>(37,724</font></font></td> <td style="width: 6px; padding-bottom: 1pt; text-align: left;">) </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 396px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;">Net cash provided by financing activities </td> <td style="width: 7px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 6px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"> </td> <td style="width: 64px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font> <font>39,792</font></font></td> <td style="width: 6px; padding-bottom: 1pt; text-align: left; background-color: #cceeff;"> </td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p> </div> </div>
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<us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations id="Tag251" contextRef="D2015-01-01_To_2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember" unitRef="USD" decimals="-3"> 57183000 </us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b>Revenue recognition</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group provides services as an online marketplace connecting borrowers and investors. The three major deliverables provided are loan facilitation services, risk reserve fund guarantee, and post-origination services (e.g. automated investing tool, cash processing, collection and SMS services).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group charges fees for facilitating loan originations, for the automated investing tool to investors opting for that service, and for monthly service (covering cash processing services, collection services and SMS services), while for those who do not opt for automated investing tool, the Group charges fees for facilitating loan originations and for monthly service (covering cash processing services, collection services and SMS services) (collectively as “non-contingent fees”). The Group also receives fees contingent on future events (e.g., penalty fee for loan prepayment and late payment, fee for transferring loans over the secondary loan market, and other service fees, etc.) and fee for providing borrower acquisition and referral services to CreditEase Puhui Information Consulting (Beijing) Co., Ltd. (“CreditEase Puhui”).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">In order to be more competitive by providing a certain level of assurance to the investors, the Group reimburses the loan principal and interest to the investor in case of borrower's default and then collects the amounts either from borrowers through its collection team or a guarantee company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Before August 2013, the Group provided such investor protection service in the form of a risk reserve fund, under which the Group set aside some fee earned as risk reserve fund and repaid the investor in the case of default (“risk reserve model”). The Group charged investors a risk reserve fund service fee at a rate of <font>10</font>% based on the monthly interest on loans and recognized such servicing fee as revenue of the investor protection service.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">After August 2013, the Group introduced a guarantee arrangement with a guarantee company, under which the guarantee company provides guarantee service to the investors (“guarantee model”). The guarantee company charged the investors at a rate of <font>10</font>% based on monthly interest on loans as servicing fee, which is to be collected by the Group on behalf of the guarantee company and no longer recorded these amounts as revenue. When the Group switched the investor protection service from the previous risk reserve fund model to the guarantee model, a one-time fee of $<font>266</font> was paid to the guarantee company for its assumption of the obligation of the Group on the outstanding loan balances that were covered under the previous risk reserve fund model. Such fee was included in the origination and servicing expenses in 2013.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><i> </i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><i>Multiple element revenue recognition</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group considers the loan facilitation services, the risk reserve fund guarantee and post-origination services as a multiple deliverable revenue arrangement and the lenders are regarded as the sole customer. The Group has concluded that although it does not sell those services independently, all three deliverables have standalone value as others do sell them independently in the market and they have value to the customer independently. Thus, all non-contingent fees are allocated among these three deliverables.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group allocates non-contingent fees to be received consistent with the guidance in ASC 605-25. It first allocates the amount equal to the fair value of the stand-ready liability from the risk reserve fund guarantee. Then the remaining fees are allocated to the loan facilitation services and post-origination services using their relative estimated selling prices. The Group does not have vendor specific objective evidence (“VSOE”) of selling price for the loan facilitation services and post-origination services because it does not provide loan facilitation services or post-origination services separately.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">In August 2013, because the guarantee company assumed the guarantee obligation of the Group on the outstanding loan balances that were covered under the previous risk reserve fund, the Group was released from such obligation, and therefore recognized the outstanding stand-ready liability of the guarantee as revenue. The Group did not recognize revenue for the risk reserve fund service previously, as it considered that netting the changes in the guarantee with the revenue was more representative of the Group's obligation. No separate guarantee revenue or guarantee provision expense had been recognized in the Consolidated Statement of Operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Under the guarantee model, the total fees are allocated based upon the relative selling price of the loan facilitation services and post origination services.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group does not have vendor specific objective evidence (“VSOE”) of selling price for the loan facilitation services and post-origination services because it does not provide loan facilitation services or post-origination services separately.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">For cash processing services, collection services and SMS services (all of which are part of the post-origination services), the Group uses third-party evidence (“TPE”, which is the prices charged when sold separately by its service providers) as the basis of revenue allocation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Although other vendors may sell these services separately, TPE of selling price of the loan facilitation services and automated investing tool services (part of post-origination services) does not exist as public information is not available regarding what our competitors may charge for those services. As a result, the Group generally uses its best estimate of selling prices (“BESP”) of loan facilitation services and automated investing tool services as the basis of revenue allocation. In estimating its selling price for the loan facilitation services and automated investing tools services, the Group considers the cost incurred to deliver such services, profit margin for similar arrangements, customer demand, effect of competitors on the Group's services, and other market factors.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">For each type of service, the Group recognizes revenues when the following four revenue recognition criteria are met for each revenue type: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the selling price is fixed or determinable, and (iv) collectability is reasonably assured.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><i>Collectability of fees</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group either collects the entire amount of the loan facilitation fee upfront, or collects a portion upfront and the rest on a monthly basis over the term of the loan. The management fee charged to self-directed investors and the automated investing tool investors are collected on a monthly basis through the loan period. All the transaction fees charged before December 31, 2014 were guaranteed by Tian Da Xin An (Beijing) Guarantee Co., Ltd. (“Tian Da Xin An”), a guarantee company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Starting from January 2015, the collection of transaction fee is no longer guaranteed by Tian Da Xin An. The Group evaluated the following factors for uncertainty of the collectability: (i) credit risk of the portfolio; (ii) prepayment risk; (iii) risk profile change from launching new products and (iv) macroeconomic cycle, etc. and concluded that the collectability could not be reasonably assured. Thus fees charged on a monthly basis are not recognized until collectability could be reasonably assured.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><i>Revenue from loan facilitation services</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Prior to the end of 2014, the aforementioned four criteria for revenue recognition were met upon completion of the loan facilitation services. The Group recognized 100% of the transaction fee as revenue and recorded <font>no</font> allowance for the uncollectible accounts, as all the transaction fees in relation to loan facilitated before December 31, 2014 were guaranteed by Tian Da Xin An . Starting from first quarter of 2015, the Group recognizes the cash received that is allocated to loan facilitation services as revenue upon completion of the related service. Cash received as upfront fees is allocated first to the risk reserve guarantee and then to loan facilitation services and post-origination services based on their relative selling prices. For fees that is partially refundable to the borrowers, the revenue is not recognized until the fee become non-refundable.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><i>Revenue from post-origination services</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The fees collected upfront allocated to post-origination services are deferred and recognized over the period of the loan on a straight line basis.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><i>Other revenue</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Other revenue includes penalty fee for loan prepayment (for loan originated before December 31, 2014) and late payment, one-time fees for transferring loans over the secondary loan market, and fee for providing borrower acquisition and referral services. The penalty fee, which is fees paid to the investors that are assigned to us by the investors, will be received as a certain percentage of past due amounts in case of late payment or a certain percentage of interest over the prepaid principal loan amount in case of prepayment.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><i>Cash incentives and Yiren coins membership reward program</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><i></i></font><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">To expand its market presence, every now and then the Group provides cash incentives to investors. Each individual incentive program only lasts for a week or a few weeks. During the relevant incentive program period, the Group set certain thresholds for the investor to qualify to enjoy the cash incentive. When qualified investment is made, the cash payment is provided to the investor as a percentage of the investment amount. The cash incentives provided are accounted for as reduction of revenue in accordance with ASC subtopic 605-50.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"></font><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><font style="font-family: 'Times New Roman', Times, serif;">The Group has also established a membership reward program wherein investors can earn Yiren coins when purchase reached a certain amount made on the Group's platforms. Yiren coins can be used in connection with subsequent purchases. The expiry dates of these Yiren coins vary based on different individual promotional programs, while are generally ranged from three months to two years period. The Group accrues liabilities for the estimated value of the Yiren coins and expected to be used, which are based on all outstanding Yiren coins related to prior purchases at the end of each reporting period, as it does not currently have sufficient historical data to reasonably estimate the usage rate of these Yiren coins. These liabilities reflect management's best estimate of the cost of future usages. As of December 31, 2014 and 2015, the Group recorded accrued expenses</font><font style="font-family: 'Times New Roman', Times, serif;"> related to Yiren coins earned from prior purchases of $<font>nil</font> and $<font>4,556</font>, respectively.</font></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Group does not charge any fees from its registered investors and borrowers. New investors and borrowers who register on the Group's platforms or existing investors and borrowers introducing new investors/borrowers to the Group's platform will be granted free Yiren coins, which can be used for future purchases. These Yiren coins are not related to prior purchases and are recorded as reduction of revenues at the time of use.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"></font><br/></p> </div>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock id="Tag261" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Foreign currency translation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">The functional and reporting currency of Yirendai is US dollar. The functional currency of the Company's subsidiaries and VIEs in the PRC is Renminbi (“RMB”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">The Company with functional currency of RMB translates its operating results and financial positions into US dollar, the Company's reporting currency. Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component in the statements of comprehensive income.</p> </div>
</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
<us-gaap:PrepaidExpenseAndOtherAssets id="Tag262" contextRef="I2014-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 32592000 </us-gaap:PrepaidExpenseAndOtherAssets>
<us-gaap:EmployeeRelatedLiabilitiesCurrentAndNoncurrent id="Tag263" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 2870000 </us-gaap:EmployeeRelatedLiabilitiesCurrentAndNoncurrent>
<yrd:RiskReserveFundGuaranteeLiabilityMovementTableTextBlock id="Tag264" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><br/></p> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">As of January 1, 2015</font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>—</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 87%; color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Provision at the inception of new loans (Note)</font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>105,340</font></font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Payment</font></td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>(20,986</font></font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td><font style="color: black;"> </font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">As of December 31, 2015</font></td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>84,354</font></font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> </table> <p><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><br/></p> <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt; margin-left: 0.25in;"> <div style="font-size: 1pt; border-top: Black 1pt solid; width: 25%;"><font style="color: black;"> </font></div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><br/></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Note:</font></td> <td style="vertical-align: top; width: 92%; ;font-family: 'Times New Roman';"> <div>Amount represents cash received on non-contingent fees allocated to the stand-ready liability for loans generated during the year.</div> </td> </tr> </table> </div>
</yrd:RiskReserveFundGuaranteeLiabilityMovementTableTextBlock>
<us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations id="Tag265" contextRef="D2013-01-01_To_2013-12-31_VariableInterestEntityPrimaryBeneficiaryMember" unitRef="USD" decimals="-3"> -11274000 </us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>
<us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations id="Tag266" contextRef="D2013-01-01_To_2013-12-31_VariableInterestEntityPrimaryBeneficiaryMember" unitRef="USD" decimals="-3"> -123000 </us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
<us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations id="Tag267" contextRef="D2014-01-01_To_2014-12-31_VariableInterestEntityPrimaryBeneficiaryMember" unitRef="USD" decimals="-3"> -580000 </us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
<yrd:MaximumLoanAmountIssuable id="Tag268" contextRef="I2015-12-31_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember_1" unitRef="USD" decimals="-5"> 38600000 </yrd:MaximumLoanAmountIssuable>
<us-gaap:SignificantAccountingPoliciesTextBlock id="Tag269" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><b>2.</b></font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><b> </b></font></p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><b>Basis of presentation</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for financial information necessary for the fair statement of the results and financial position for the periods presented. These accounting principles require management to make certain estimates and assumptions that affect the amounts in the accompanying financial statements. Actual results may differ from those estimates.</font></p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><b> </b></font></p> <div> <div style="display: block;"> <div style="display: block;"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><b>Basis of consolidation</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The accompanying consolidated financial statements include the financial statements of the Company, its wholly-owned subsidiaries, and consolidated VIEs. All inter-company transactions and balances have been eliminated upon consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23pt; color: #32406b;"><font style="color: black;"><b> </b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23pt; color: #32406b;"><font style="color: black;"><b>Heng Cheng</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23pt; color: #32406b;"><font style="color: black;"><u>The VIE arrangements</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Foreign ownership of internet-based businesses, including distribution of online information (such as an online marketplace connecting borrowers and investors), is subject to restrictions under current PRC laws and regulations. For example, foreign investors are not allowed to own more than 50% of the equity interests in internet-based businesses (except E-Commerce) and any such foreign investor must have experience in providing internet-based businesses services overseas and maintain a good track record in accordance with the Guidance Catalog of Industries for Foreign Investment promulgated in 2007, as amended in 2011 and 2015, respectively, and other applicable laws and regulations. The Company is a Cayman Islands company and Heng Ye (its PRC subsidiary) is considered foreign invested enterprise. To comply with these regulations, the Company conducts the majority of its activities in PRC through Heng Cheng (its consolidated VIE).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Heng Cheng hold the requisite licenses and permits necessary to conduct the Company's online marketplace connecting borrowers and investors business. Heng Ye has entered into the following contractual arrangement with Heng Cheng, that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of Heng Cheng, and (2) receive the economic benefits of Heng Cheng that could be significant to Heng Cheng. Accordingly, the Company is considered the primary beneficiary of Heng Cheng and has consolidated Heng Cheng's assets, liabilities, results of operations, and cash flows in the accompanying consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="font-size: 10pt; color: black;">In concluding that the Company is the primary beneficiary of Heng Cheng, the Company believes that the Heng Ye's rights under the terms of the exclusive option agreements provide it with a substantive kick out right. More specifically, the Company believes the terms of the exclusive option agreements are valid, binding and enforceable under PRC laws and regulations currently in effect. A simple majority vote of the Company's board of directors is required to pass a resolution to exercise Heng Ye's rights under the exclusive option agreements, for which consent of the shareholders of Heng Cheng is not required. Heng Ye's rights under the exclusive option agreements give the Company the power to control the shareholders of Heng Cheng and thus the power to direct the activities that most significantly impact the Heng Cheng's economic performance. In addition, Heng Ye's rights under the powers of attorney also reinforce the Company's abilities to direct the activities that most significantly impact Heng Cheng's economic performance. The Company also believes that this ability to exercise control ensures that Heng Cheng will continue to execute and renew services agreements and pay service fees to the Company. The exclusive business cooperation agreement will be terminated upon the expiration of the operation term of either party if the application for renewal of its operation term is not approved by the relevant government authorities. As a result, the Company believes that it has the rights to receive substantially all of the economic benefits from Heng Cheng.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Agreements that provide Heng Ye effective control over Heng Cheng</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><u>Power of attorney</u> The shareholders of Heng Cheng have executed an irrevocable power of attorney in favor of Heng Ye, or entity or individual designated by Heng Ye. Pursuant to this powers of attorney, Heng Ye or its designee has full power and authority to exercise all of such shareholder's rights with respect to his equity interest in Heng Cheng. The power of attorney will remain in force for so long as the shareholder remains a shareholder of Heng Cheng.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><u>Exclusive option agreement</u> Heng Cheng and its shareholders have also entered into an exclusive share option agreement with Heng Ye. Pursuant to this agreement, the shareholders of Heng Cheng has granted an exclusive option to Heng Ye or its designees to purchase all or part of such shareholders' equity interest, at a purchase price equal to the higher of the registered capital of Heng Cheng or the lowest price required under PRC laws at the time of such purchase.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><u>Equity interest pledge agreement</u> The shareholders of Heng Cheng has also entered into an equity pledge agreement with Heng Ye, pursuant to which each shareholder pledged his interest in Heng Cheng to guarantee the performance of obligations of Heng Cheng and its shareholders under the exclusive business cooperation agreement, loan agreements, exclusive option agreements and powers of attorney.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Agreements that transfer economic benefits to Heng Ye</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><u>Exclusive business cooperation agreement</u> Heng Ye has entered into exclusive business cooperation agreement with Heng Cheng. Pursuant to this exclusive business cooperation agreement, Heng Ye provides comprehensive technical support, consulting services and other services to Heng Cheng in exchange for service fees. Heng Ye has the sole discretion to determine the amounts of the services fees.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">During the term of exclusive business cooperation agreement, both Heng Ye and Heng Cheng shall renew their operation terms prior to the expiration thereof so as to enable the exclusive business cooperation agreement to remain effective. The exclusive business cooperation agreement shall be terminated upon the expiration of the operation term of either Heng Ye or Heng Cheng, if the application for renewal of their operation terms are not approved by relevant government authorities.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The agreement may be terminated only at the option of Heng Ye and Heng Cheng has no authority to terminate the exclusive business cooperation agreement.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23pt; color: #32406b;"><font style="color: black;"><u>Risks in relation to the VIE structure</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Company believes that the contractual arrangements with Heng Cheng and its current shareholders are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company's ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Revoke the business and operating licenses of Heng Ye and Heng Cheng;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Discontinue or restrict the operations of any related-party transactions among Heng Ye and Heng Cheng;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Impose fines or other requirements on Heng Ye and Heng Cheng;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Require the Company or Heng Ye and Heng Cheng to revise the relevant ownership structure or restructure operations; and/or</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Restrict or prohibit the Company's use of the proceeds of the additional public offering to finance the Company's business and operations in China.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Shutting down the Company's servers or blocking the Company's online platform;</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Discontinuing or placing restrictions or onerous conditions on the Company's operations; and/or</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Requiring the Company to undergo a costly and disruptive restructuring.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Company's ability to conduct its business may be negatively affected if the PRC government were to carry out any of the aforementioned actions. As a result, the Company may not be able to consolidate Heng Cheng in its consolidated financial statements as it may lose the ability to exert effective control over Heng Cheng and its shareholder, and it may lose the ability to receive economic benefits from Heng Cheng.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The interests of the shareholders of Heng Cheng may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing Heng Cheng not to pay the service fees when required to do so. The Company cannot assure that when conflicts of interest arise, shareholders of Heng Cheng will act in the best interests of the Company or that conflicts of interests will be resolved in the Company's favor. Currently, the Company does not have existing arrangements to address potential conflicts of interest the shareholders of Heng Cheng may encounter in its capacity as beneficial owners and directors of Heng Cheng, on the one hand, and as beneficial owners and directors of the Company, on the other hand. The Company believes the shareholders of Heng Cheng will not act contrary to any of the contractual arrangements and the exclusive option agreements provide the Company with a mechanism to remove the current shareholders of Heng Cheng should they act to the detriment of the Company. The Company relies on certain current shareholders of Heng Cheng to fulfill their fiduciary duties and abide by laws of the PRC and act in the best interest of the Company. If the Company cannot resolve any conflicts of interest or disputes between the Company and the shareholders of Heng Cheng, the Company would have to rely on legal proceedings, which could result in disruption of its business, and there is substantial uncertainty as to the outcome of any such legal proceedings.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The following financial statement amounts and balances of Heng Cheng was included in the accompanying consolidated financial statements:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;"><br/></p> <div> <div style="display: block;"> <div style="display: block;"> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; ;font-family: 'Times New Roman';" colspan="6" nowrap="nowrap"><font style="color: black;">As of December 31,</font></td> <td style="color: #32406b; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="color: black;">2014</font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="color: black;">2015</font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Assets</font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 74%; color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Cash and cash equivalents</font></td> <td style="width: 1%; color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 10%; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>222</font></font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 10%; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>22,316</font></font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Restricted cash</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>69,979</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Accounts receivable</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>25,971</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>12,814</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Prepaid expenses and other assets</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>32,592</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>36,162</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Amounts due from related parties</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>5,489</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>13,416</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Short-term investments</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>4,632</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Property, equipment and software, net</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>551</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>678</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Deferred tax assets</font></td> <td style="color: #32406b; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>27,153</font></font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';"><font style="color: black;">Total assets</font></td> <td style="color: #32406b; padding-bottom: 2.5pt; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>64,825</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 2.5pt; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>187,150</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';"><font style="color: black;">Liabilities</font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Accounts payable</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>695</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';"><font style="color: black;">Amounts due to related parties</font></td> <td style="color: #32406b; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>529</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Liabilities from risk reserve fund guarantee</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>84,354</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';"><font style="color: black;">Deferred revenue</font></td> <td style="color: #32406b; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>—</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman';"><font style="color: black;"><font>18,139</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Accrued expenses and other liabilities</font></td> <td style="color: #32406b; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>28,813</font></font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>37,741</font></font></td> <td style="padding-bottom: 1pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Total liabilities</font></td> <td style="color: #32406b; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>28,813</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>141,458</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> </table> <p> <br/></p> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-collapse: collapse; width: 1197px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-left: 0.3in;" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="10" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">For the years ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2013</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2015</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 382.672px; text-align: left; text-indent: -10pt; padding-left: 10pt;">Net revenue</td> <td style="width: 7px;"> </td> <td style="width: 7px; text-align: left;"> </td> <td style="width: 65px; text-align: right;"><font>3,131</font></td> <td style="width: 7px; text-align: left;"> </td> <td style="width: 7px;"> </td> <td style="width: 7px; text-align: left;"> </td> <td style="width: 64px; text-align: right;"><font>31,893</font></td> <td style="width: 6px; text-align: left;"> </td> <td style="width: 6px;"> </td> <td style="width: 6px; text-align: left;"> </td> <td style="width: 64px; text-align: right;"><font>209,585</font></td> <td style="width: 6px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt;">Net (loss)/income</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>(8,342</font></td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>(4,497</font></td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>74,121</font></td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-collapse: collapse; width: 1197px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-left: 0.3in;" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="10" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">For the years ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2013</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2014</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2015</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 382.672px; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt; background-color: #cceeff;">Net cash (used in)/provided by operating activities</td> <td style="width: 7px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 7px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"> </td> <td style="width: 65px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"><font>(11,274</font></td> <td style="width: 7px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;">)</td> <td style="width: 7px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 7px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"> </td> <td style="width: 64px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"><font>(36,846</font></td> <td style="width: 6px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;">)</td> <td style="width: 6px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 6px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"> </td> <td style="width: 64px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; background-color: #cceeff;"><font>57,183</font></td> <td style="width: 6px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 382.672px; text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt;">Net cash used in investing activities </td> <td style="width: 7px; padding-bottom: 1pt;"> </td> <td style="width: 7px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="width: 65px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font> <font>(123</font></font></td> <td style="width: 7px; text-align: left; padding-bottom: 1pt;">) </td> <td style="width: 7px; padding-bottom: 1pt;"> </td> <td style="width: 7px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="width: 64px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font> <font>(580</font></font></td> <td style="width: 6px; text-align: left; padding-bottom: 1pt;">) </td> <td style="width: 6px; padding-bottom: 1pt;"> </td> <td style="width: 6px; text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="width: 64px; text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font> <font>(5,648</font></font></td> <td style="width: 6px; text-align: left; padding-bottom: 1pt;">) </td> </tr> </table> </div> </div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.1pt; text-indent: -0.1pt; color: #32406b;"><font style="color: black;">In accordance with the VIE contractual arrangements, Heng Ye has the power to direct activities of Heng Cheng, and can have assets transferred out of Heng Cheng. There are <font>no</font> consolidated VIE's assets that are collateral for the VIE's obligations and can only be used to settle the VIE's obligations. Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets, equivalent to the balance of its paid-in capital, capital reserve and statutory reserves, to the Company in the form of loans and advances or cash dividends. Please refer to Note 14 for disclosure of restricted net assets.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.1pt; text-indent: -0.1pt; color: #32406b;"><font style="color: black;">Heng Cheng began to provide services through an online marketplace connecting borrowers and investors in December 2014. Currently, Heng Cheng operates with website <i> www.yirendai.com.</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.1pt; text-indent: -0.1pt; color: #32406b;"><font style="color: black;"><b>Consolidated Trust</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.1pt; text-indent: -0.1pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">As part of the Group's strategy to expand its investor base from individual investors to institutional investors, in October 2015, the Company established a business relationship with the Trust under which the Trust invested in loans through the Company's platform using funds received from its sole beneficiary. The Trust is administered by a third-party state-owned trust company ("the trust company"), which acts as the trustee, for the purposes of providing returns to its sole beneficiary through extending loans up to an aggregate principal amount of US$<font>38.6</font> million to borrowers recommended by the Company. The Trust's settlor and sole beneficiary is a fund managed by Zhe Hao Shanghai Asset Management Company, or Zhe Hao, an affiliate of CreditEase ("the Fund").</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Company holds variable interest in the Trust through two items.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">Under the Cooperator's Service and Management Agreement between the Company and the trust company, the Company provides loan facilitation and post-origination services to the Trust. The Company does not charge the Trust any direct fee. Instead, fee is charged from the borrowers upon the inception of the loan. A loan agreement was signed between the trust company (as lender) and the borrowers. Through a separate loan service contract, the Company charges transaction fee from the borrowers. There is a transaction fee refund clause that differentiates this contract from other similar contracts signed by the Company. This clause will cause the Company to retain some level of prepayment risk on the underlying loans in the Trust.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">Under a deposit agreement between the Company and the trust company, the Company pays a security deposit in the amount of <font>6</font>% of the total loan contract principles to the Trust as a security fund to protect the Trust from potential losses from loan default. Regardless of the default rate of the loans invested by the Trust, the Company will not transfer any additional cash into the Trust's security fund other than the foregoing amount. When a default occurs, the Trust will use cash from the security fund to cover the defaulted amount. When the Trust is dissolved, if the amount of payouts remains below <font>20</font>% of the cash set aside in the security fund, the remainder of the security fund will be returned to the Company. Otherwise, the remainder of the security fund will become part of the Trust's assets and subject to distributions made to the Trust's sole beneficiary.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Company holds variable interest in the Trust through the transaction fee charged as the terms of the arrangement is not customarily present in arrangements for similar services. The Company also holds variable interest in the Trust through the security deposit provided to the Trust as the security deposit is considered a guarantee of the repayment of the loans of the Trust.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">Since cash received from the Fund is invested in loans at inception of the entity, loan servicing and default loan collection performed by the Company are the activities that most significantly impact the Trust's economic performance. Therefore, the Company has power to direct the activities of the Trust.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">Without considering the defaults and the re-investment return, the expected return of the Trust is about <font>12</font>% of the loan's face value. The Company's transaction fee arrangement takes around <font>27.6</font>% of the loan's face value as an upfront fee. Although the fee is partially refundable depending on the loan repayment timing, it still could be significant to the VIE. As a result, the Company also has the right to receive benefits from the VIE that could potentially be significant to the VIE.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">Accordingly, the Company is considered the primary beneficiary of the Trust and has consolidated the Trust's assets, liabilities, results of operations, and cash flows in the accompanying consolidated financial statements.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Zhe Hao (on behalf of the Fund) transferred its 100% beneficiary rights (after deducting the benefit from the Trust enjoyed by the Fund during the period prior to the transfer of US$2.1 million)</font><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"> </font><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">in the Trust to China International Capital Corporation Limited in 2016 to issue asset backed securities to investors. Please refer to Note 16 for details.</font></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The assets of the Trust are not available to creditors of the Company. In addition, the sole beneficiary in the Trust has no recourse against the assets of the Company.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The following financial statement amounts and balances of the Trust was included in the accompanying consolidated financial statements after elimination of intercompany transactions and balances:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt;"><font style="color: black;"> </font></p> <div> <div style="display: block;"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt;"><br/></p> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="color: black;">As of December 31,</font></td> <td style="padding-bottom: 1pt; color: #32406b; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="color: black;">2015</font></td> <td style="padding-bottom: 1pt; color: #32406b; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Assets</font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 74%; color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Restricted cash</font></td> <td style="width: 1%; color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 10%; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>4,745</font></font></td> <td style="width: 1%; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Prepaid expenses and other assets</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>213</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Loans at fair value</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>34,164</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Total assets</font></td> <td style="color: #32406b; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>39,122</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td><font style="color: black;"> </font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Liabilities</font></td> <td style="background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Payable to the Fund at fair value</font></td> <td style="color: #32406b; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>39,049</font></font></td> <td style="color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;">Accrued expenses and other liabilities</font></td> <td style="color: #32406b; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> <td style="color: #32406b; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"><font>110</font></font></td> <td style="color: #32406b; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="color: #32406b; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Total liabilities</font></td> <td style="color: #32406b; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 2.5pt double; color: #32406b; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>39,159</font></font></td> <td style="padding-bottom: 2.5pt; color: #32406b; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> </table> <p><br/></p> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-collapse: collapse; width: 1074px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-left: 0.3in;" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">For the year ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2015</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 396px; text-align: left;">Net revenue</td> <td style="width: 7px;"> </td> <td style="width: 6px; text-align: left;"> </td> <td style="width: 64px; text-align: right;"><font>—</font></td> <td style="width: 6px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Net loss</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font>1,804</font></td> <td style="padding-bottom: 1pt; text-align: left;"> </td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><br/></p> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; border-collapse: collapse; width: 1076px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-left: 0.3in;" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">For the year ended December 31</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td colspan="2" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2015</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 396px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;">Net cash used in operating activities</td> <td style="width: 7px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 6px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"> </td> <td style="width: 64px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font>(2,030</font></td> <td style="width: 6px; padding-bottom: 1pt; text-align: left; background-color: #cceeff;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 396px; text-align: left; padding-bottom: 1pt;">Net cash used in investing activities </td> <td style="width: 7px; padding-bottom: 1pt;"> </td> <td style="width: 6px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"> </td> <td style="width: 64px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font> <font>(37,724</font></font></td> <td style="width: 6px; padding-bottom: 1pt; text-align: left;">) </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 396px; text-align: left; padding-bottom: 1pt; background-color: #cceeff;">Net cash provided by financing activities </td> <td style="width: 7px; padding-bottom: 1pt; background-color: #cceeff;"> </td> <td style="width: 6px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"> </td> <td style="width: 64px; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font> <font>39,792</font></font></td> <td style="width: 6px; padding-bottom: 1pt; text-align: left; background-color: #cceeff;"> </td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p> </div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt;"><font style="color: black;">All assets of consolidated Trust are collateral for the Trust obligations and can only be used to settle the Trust‘s obligations.</font></p> </div> </div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt;"><font style="color: black;"> </font> </p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><b>Use of estimates</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates. Significant accounting estimates reflected in the Group's financial statements are revenue recognition, liabilities from risk reserve fund service, fair value of risk reserve fund service, loans at fair value, payable to the Fund at fair value and income tax.</font></p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b> </b></font></p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b>Revenue recognition</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group provides services as an online marketplace connecting borrowers and investors. The three major deliverables provided are loan facilitation services, risk reserve fund guarantee, and post-origination services (e.g. automated investing tool, cash processing, collection and SMS services).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group charges fees for facilitating loan originations, for the automated investing tool to investors opting for that service, and for monthly service (covering cash processing services, collection services and SMS services), while for those who do not opt for automated investing tool, the Group charges fees for facilitating loan originations and for monthly service (covering cash processing services, collection services and SMS services) (collectively as “non-contingent fees”). The Group also receives fees contingent on future events (e.g., penalty fee for loan prepayment and late payment, fee for transferring loans over the secondary loan market, and other service fees, etc.) and fee for providing borrower acquisition and referral services to CreditEase Puhui Information Consulting (Beijing) Co., Ltd. (“CreditEase Puhui”).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">In order to be more competitive by providing a certain level of assurance to the investors, the Group reimburses the loan principal and interest to the investor in case of borrower's default and then collects the amounts either from borrowers through its collection team or a guarantee company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Before August 2013, the Group provided such investor protection service in the form of a risk reserve fund, under which the Group set aside some fee earned as risk reserve fund and repaid the investor in the case of default (“risk reserve model”). The Group charged investors a risk reserve fund service fee at a rate of <font>10</font>% based on the monthly interest on loans and recognized such servicing fee as revenue of the investor protection service.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">After August 2013, the Group introduced a guarantee arrangement with a guarantee company, under which the guarantee company provides guarantee service to the investors (“guarantee model”). The guarantee company charged the investors at a rate of <font>10</font>% based on monthly interest on loans as servicing fee, which is to be collected by the Group on behalf of the guarantee company and no longer recorded these amounts as revenue. When the Group switched the investor protection service from the previous risk reserve fund model to the guarantee model, a one-time fee of $<font>266</font> was paid to the guarantee company for its assumption of the obligation of the Group on the outstanding loan balances that were covered under the previous risk reserve fund model. Such fee was included in the origination and servicing expenses in 2013.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><i> </i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><i>Multiple element revenue recognition</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group considers the loan facilitation services, the risk reserve fund guarantee and post-origination services as a multiple deliverable revenue arrangement and the lenders are regarded as the sole customer. The Group has concluded that although it does not sell those services independently, all three deliverables have standalone value as others do sell them independently in the market and they have value to the customer independently. Thus, all non-contingent fees are allocated among these three deliverables.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group allocates non-contingent fees to be received consistent with the guidance in ASC 605-25. It first allocates the amount equal to the fair value of the stand-ready liability from the risk reserve fund guarantee. Then the remaining fees are allocated to the loan facilitation services and post-origination services using their relative estimated selling prices. The Group does not have vendor specific objective evidence (“VSOE”) of selling price for the loan facilitation services and post-origination services because it does not provide loan facilitation services or post-origination services separately.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">In August 2013, because the guarantee company assumed the guarantee obligation of the Group on the outstanding loan balances that were covered under the previous risk reserve fund, the Group was released from such obligation, and therefore recognized the outstanding stand-ready liability of the guarantee as revenue. The Group did not recognize revenue for the risk reserve fund service previously, as it considered that netting the changes in the guarantee with the revenue was more representative of the Group's obligation. No separate guarantee revenue or guarantee provision expense had been recognized in the Consolidated Statement of Operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Under the guarantee model, the total fees are allocated based upon the relative selling price of the loan facilitation services and post origination services.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group does not have vendor specific objective evidence (“VSOE”) of selling price for the loan facilitation services and post-origination services because it does not provide loan facilitation services or post-origination services separately.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">For cash processing services, collection services and SMS services (all of which are part of the post-origination services), the Group uses third-party evidence (“TPE”, which is the prices charged when sold separately by its service providers) as the basis of revenue allocation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Although other vendors may sell these services separately, TPE of selling price of the loan facilitation services and automated investing tool services (part of post-origination services) does not exist as public information is not available regarding what our competitors may charge for those services. As a result, the Group generally uses its best estimate of selling prices (“BESP”) of loan facilitation services and automated investing tool services as the basis of revenue allocation. In estimating its selling price for the loan facilitation services and automated investing tools services, the Group considers the cost incurred to deliver such services, profit margin for similar arrangements, customer demand, effect of competitors on the Group's services, and other market factors.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">For each type of service, the Group recognizes revenues when the following four revenue recognition criteria are met for each revenue type: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the selling price is fixed or determinable, and (iv) collectability is reasonably assured.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><i>Collectability of fees</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group either collects the entire amount of the loan facilitation fee upfront, or collects a portion upfront and the rest on a monthly basis over the term of the loan. The management fee charged to self-directed investors and the automated investing tool investors are collected on a monthly basis through the loan period. All the transaction fees charged before December 31, 2014 were guaranteed by Tian Da Xin An (Beijing) Guarantee Co., Ltd. (“Tian Da Xin An”), a guarantee company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Starting from January 2015, the collection of transaction fee is no longer guaranteed by Tian Da Xin An. The Group evaluated the following factors for uncertainty of the collectability: (i) credit risk of the portfolio; (ii) prepayment risk; (iii) risk profile change from launching new products and (iv) macroeconomic cycle, etc. and concluded that the collectability could not be reasonably assured. Thus fees charged on a monthly basis are not recognized until collectability could be reasonably assured.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><i>Revenue from loan facilitation services</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Prior to the end of 2014, the aforementioned four criteria for revenue recognition were met upon completion of the loan facilitation services. The Group recognized 100% of the transaction fee as revenue and recorded <font>no</font> allowance for the uncollectible accounts, as all the transaction fees in relation to loan facilitated before December 31, 2014 were guaranteed by Tian Da Xin An . Starting from first quarter of 2015, the Group recognizes the cash received that is allocated to loan facilitation services as revenue upon completion of the related service. Cash received as upfront fees is allocated first to the risk reserve guarantee and then to loan facilitation services and post-origination services based on their relative selling prices. For fees that is partially refundable to the borrowers, the revenue is not recognized until the fee become non-refundable.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><i>Revenue from post-origination services</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The fees collected upfront allocated to post-origination services are deferred and recognized over the period of the loan on a straight line basis.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><i>Other revenue</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Other revenue includes penalty fee for loan prepayment (for loan originated before December 31, 2014) and late payment, one-time fees for transferring loans over the secondary loan market, and fee for providing borrower acquisition and referral services. The penalty fee, which is fees paid to the investors that are assigned to us by the investors, will be received as a certain percentage of past due amounts in case of late payment or a certain percentage of interest over the prepaid principal loan amount in case of prepayment.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><i>Cash incentives and Yiren coins membership reward program</i></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><i></i></font><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">To expand its market presence, every now and then the Group provides cash incentives to investors. Each individual incentive program only lasts for a week or a few weeks. During the relevant incentive program period, the Group set certain thresholds for the investor to qualify to enjoy the cash incentive. When qualified investment is made, the cash payment is provided to the investor as a percentage of the investment amount. The cash incentives provided are accounted for as reduction of revenue in accordance with ASC subtopic 605-50.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"></font><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><font style="font-family: 'Times New Roman', Times, serif;">The Group has also established a membership reward program wherein investors can earn Yiren coins when purchase reached a certain amount made on the Group's platforms. Yiren coins can be used in connection with subsequent purchases. The expiry dates of these Yiren coins vary based on different individual promotional programs, while are generally ranged from three months to two years period. The Group accrues liabilities for the estimated value of the Yiren coins and expected to be used, which are based on all outstanding Yiren coins related to prior purchases at the end of each reporting period, as it does not currently have sufficient historical data to reasonably estimate the usage rate of these Yiren coins. These liabilities reflect management's best estimate of the cost of future usages. As of December 31, 2014 and 2015, the Group recorded accrued expenses</font><font style="font-family: 'Times New Roman', Times, serif;"> related to Yiren coins earned from prior purchases of $<font>nil</font> and $<font>4,556</font>, respectively.</font></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Group does not charge any fees from its registered investors and borrowers. New investors and borrowers who register on the Group's platforms or existing investors and borrowers introducing new investors/borrowers to the Group's platform will be granted free Yiren coins, which can be used for future purchases. These Yiren coins are not related to prior purchases and are recorded as reduction of revenues at the time of use.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"></font><br/></p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font> </p> <div> <div style="display: block;"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><b>Liabilities from risk reserve fund guarantee</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Starting from January 1, 2015, the Group terminated the relationship with Tian Da Xin An, the guarantee company, and launched a new investor protection service in the form of a financial guarantee called the risk reserve fund. If a loan originated on or after January 1, 2015 defaults, the Group guarantees the principal and accrued interest repayment of the defaulted loan up to the balance of the risk reserve fund on a portfolio basis. The risk reserve fund being set aside equals <font>6</font>%-<font>7</font>% of the total loan facilitation amount. The Group reserves the right to revise the percentage upwards or downwards as a result of the Group's continuing evaluation of factors such as market dynamics as well as of its product lines, profitability and cash position.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">At the inception of each loan, the Group recognizes a stand-ready liability as the fair value of the risk reserve fund guarantee in accordance with ASC 460-10-55-23 (b).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">According to ASC 460-10-35-1, the stand-ready liability initially recognized would typically be reduced (by a credit to earnings) as the Group is released from risk under the guarantee either through expiry or performance. The recognition of a contingent liability results in the recognition of expenses in earnings. The Group tracks its stand-ready liability on a loan-by-loan basis to monitor the expiration. When the Group releases the stand-ready liability through performance of the guarantee (by making payments on defaulted loans), it recognizes revenue along with the loss on defaulted loans. Revenue from releasing of stand-ready liability and expenses from recognition of contingent liability related to the risk reserve fund guarantee are presented on a net basis in the income statement. On a portfolio basis, when the aggregate contingent liability required to be recognized under ASC 450-20-25 exceeds the risk reserve fund liability balance, the Group will record the excess as expense.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The movement of liability from risk reserve fund guarantee during the year ended December 31, 2015 is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><br/></p> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">As of January 1, 2015</font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>—</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 87%; color: #32406b; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Provision at the inception of new loans (Note)</font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>105,340</font></font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">Payment</font></td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>(20,986</font></font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;">)</font></td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td><font style="color: black;"> </font></td> <td><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="color: #32406b; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="color: black;">As of December 31, 2015</font></td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font style="color: black;"><font>84,354</font></font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> </tr> </table> <p><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><br/></p> <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt; margin-left: 0.25in;"> <div style="font-size: 1pt; border-top: Black 1pt solid; width: 25%;"><font style="color: black;"> </font></div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><br/></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Note:</font></td> <td style="vertical-align: top; width: 92%; ;font-family: 'Times New Roman';"> <div>Amount represents cash received on non-contingent fees allocated to the stand-ready liability for loans generated during the year.</div> </td> </tr> </table> </div> <p><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">As of December 31, 2015, the maximum potential undiscounted future payment the Group would be required to make was $<font>69,979</font>, which takes into account of the amount set aside by the Group in the restricted cash balance of the risk reserve fund.</font></p> </div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><b> </b></font></p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><b>Fair value</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Level 1-inputs are based upon unadjusted quoted prices for identical assets or liabilities traded in active markets.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Level 2-inputs are based upon quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 7%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 2%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">•</font></td> <td style="vertical-align: top; width: 1%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: top; width: 90%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Level 3-inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair value are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><b>Fair value option</b></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Company has elected the fair value option for the assets and liabilities of the consolidated trust. Such election is irrevocable and is applied to financial instruments on an individual basis at initial recognition. The Company has applied the fair value option for certain loans and debt obligations held by the consolidated trust that otherwise would not have been carried at fair value. See Note 4 for further disclosure on financial instruments of the consolidated trust for which the fair value option has been elected.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><b> </b></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><b>Fair value of financial instruments</b></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 22.95pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 22.95pt;"><u>Fair value of liabilities from financial guarantee associated to risk reserve fund</u></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The fair value of the stand-ready liability associated with the risk reserve fund guarantee recorded at the inception of the loan was estimated using a discounted cash flow model to our expected payouts from the risk reserve fund, and also by incorporating a markup margin. The Group estimates its expected future payouts based on its current product mix as well as its estimates of expected net charge-off rates and expected collection rates and a discount rate. The expected future cash payout is capped at the restricted cash balance of the risk reserve fund. In the fourth quarter of 2015, in order to continue to attract new and retain existing investors and to remain consistent with the current industry practice in China, the Group set aside more cash in the risk reserve fund from the fourth quarter of 2015, based on its current business intention but not legal obligation, so that the balance in the risk reserve fund is enough to cover the expected payouts.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Group estimated the expected net charge-off rates of the loan facilitated as the weighted average of the expected net charge-off rates of loan Grade A, B, C, and D. The Group developed the expected net charge-off rates for Grade A based on the Group's historical experience and Grade D by reference to the past performance of similar products of CreditEase. Grade B and C loans have credit risks higher than Grade A but lower than Grade D.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><u>Fair value of loans and payable to the Fund at fair value</u></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Company has elected fair value accounting for loans and related payable to Fund. Changes in the fair value of loans for the period are recorded as fair value adjustments and included in origination and servicing expenses. The Company estimates the fair value of loans using a discounted cash flow valuation methodology. The fair valuation methodology considers projected prepayments and net charge off to project future losses and net cash flows on loans.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The Company has adopted the measurement alternative included in ASU 2014-13 - the new collateralized financing entity (“CFE”) guidance. Amounts presented for the year ended December 31, 2015 in the consolidated statements of operations reflect the adoption of this accounting guidance in 2015.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"></font><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Pursuant to the new CFE guidance, the Company measures both the financial assets and financial liabilities of the consolidated asset backed financing entity in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The Company believes the fair value of the financial assets of the consolidated trust is more observable than the fair value of the financial liability of the consolidated trust. As a result, the loans of the consolidated trust are measured at fair value and the payable to fund is measured in consolidation as: (i) the sum of the fair value of the loans and the carrying value of any non-financial assets that are incidental to the operations of the trust less (ii) the sum of the fair value of loan default loss borne by the Company through the security deposit. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Under the measurement alternative, the Company's consolidated net income reflects the Company's own economic interests in the consolidated trust including changes in the fair value of the beneficial interests retained by the Company, which is the fair value of the loan default loss borne by the Company through the security deposit.</font></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 23pt;"><u>Fair value of other financial instruments</u></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">Financial instruments include cash and cash equivalents, restricted cash, amount due from/to related parties, accounts receivable and accounts payables. The carrying values of cash and cash equivalents, restricted cash, amounts due from/to a related party, accounts receivable and accounts payables are recorded at historical cost. Given the short-term nature of these instruments, the Company considers the amortized cost to approximate their fair value reported in the consolidated balance sheets.</p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b> </b></font></p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b>Cash and cash equivalents</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Cash and cash equivalents include the Company's unrestricted deposits with financial institutions in checking, money market and short-term certificate of deposit accounts. The Company considers all highly liquid investments with stated maturity dates of three months or less from the date of purchase to be cash equivalents.</font></p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b> </b></font></p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b>Restricted cash</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Restricted cash represents: (i) cash in risk reserve fund which is managed by the Group through a restricted bank account; (ii) cash held by the consolidated trust through a segregated bank account <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">which is not available to fund the general liquidity needs of the Company.</font></font></p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b> </b></font></p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b>Accounts receivable and allowance for uncollectible accounts receivable</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Accounts receivable are stated at the historical carrying amount net of write-offs and allowance for uncollectible accounts. The Group establishes an allowance for uncollectible accounts receivable based on estimates, historical experience and other factors surrounding the credit risk of specific clients. Uncollectible accounts receivable are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Group has determined the balance will not be collected.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The Group recorded <font>no</font> allowance for the uncollectible accounts receivables as of December 31, 2014 due to all accounts receivables were guaranteed by Tian Da Xin An (see Note 8). With the termination of the guarantee contract in relation to loan facilitated on or after January 1, 2015 with Tian Da Xin An, the Group does not record additional accounts receivable during the year ended December 31, 2015 and <font>no</font> allowance is recorded on the balance sheet as of December 31, 2015.</font></p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> <b> </b></font></p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b>Short-term investments</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b></b></font><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The Group's short-term investments mainly include held-to-maturity securities, comprising of term deposits and debt securities placed with banks. Held-to maturity securities that will mature within one year are included in short-term investments. Investments are classified as held-to-maturity when the Group has the positive intent and ability to hold the security to maturity, and are recorded at amortized cost.</font></font></p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b> </b></font></p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b>Property, equipment and software, net</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Furniture and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on a straight-line basis over the following estimated useful lives:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="color: black;"> </font></p> <table style="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0.5in;" cellspacing="0" cellpadding="0" width="100%"> <tr style="background-color: white;"> <td style="vertical-align: top; width: 60%; padding-left: 10pt; text-indent: -10pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Computer and transmission equipment</font></td> <td style="vertical-align: bottom; width: 4%; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; width: 36%; text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>3</font> years</font></td> </tr> <tr style="background-color: white;"> <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Furniture and office equipment</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>5</font> years</font></td> </tr> <tr style="background-color: white;"> <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"> Software</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;"><font>5</font> years</font></td> </tr> <tr style="background-color: white;"> <td style="vertical-align: top; padding-left: 10pt; text-indent: -10pt; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Leasehold improvements</font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">Over the shorter of the lease term</font></td> </tr> <tr style="background-color: white;"> <td style="vertical-align: top; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; ;font-family: 'Times New Roman';"><font style="color: black;"> </font></td> <td style="vertical-align: bottom; text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black;">or expected useful lives</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Gains and losses from the disposal of property, equipment and software are included in income from operation.</font></p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b> </b></font><font style="color: black;"> </font> </p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Origination and servicing expense</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Origination and servicing expense consists primarily of variable expenses and vendor costs, including costs related to credit assessment, customer and system support, payment processing services and collection associated with facilitating and servicing loan.</p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b> </b></p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Income taxes</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Current income taxes are provided for in accordance with the laws of the relevant tax authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Deferred income taxes are provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, the management consider all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><i>Value added taxes (“VAT”)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">The Group is subject to VAT at the rate of <font>6</font>% or <font>3</font>%, depending on whether the entity is a general tax payer or small-scale taxpayer, and related surcharges on revenue generated from providing services. VAT is also reported as a deduction to revenue when incurred and amounted to $<font>191</font>, $<font>1,858</font> and $<font>18,786</font> for the year ended December 31, 2013, 2014 and 2015, respectively. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in the line item of accrued expense and other liabilities on the face of balance sheet.</p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">  </p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Net income (loss) per share</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Basic and diluted net income (loss) per share is computed by dividing loss attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period.</p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b> </b></p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Foreign currency translation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">The functional and reporting currency of Yirendai is US dollar. The functional currency of the Company's subsidiaries and VIEs in the PRC is Renminbi (“RMB”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">The Company with functional currency of RMB translates its operating results and financial positions into US dollar, the Company's reporting currency. Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component in the statements of comprehensive income.</p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b> </b></p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Significant risks and uncertainties</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Foreign currency risk</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into foreign currencies. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. The cash and cash equivalents of the Group included aggregate amounts of US$<font>222</font> and US$<font>130,641</font>, which were denominated in RMB, at December 31, 2014 and 2015, respectively, representing <font>100</font>% and <font>41</font>% of the cash and cash equivalents at December 31, 2014 and 2015, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Concentration of credit risk</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Financial instrument that potentially expose the Group to significant concentration of credit risk primarily included in the financial lines of cash and cash equivalents, accounts receivable, prepaid expenses and other assets. As of December 31, 2014, substantially all of the Group's cash and cash equivalents were deposited in financial institutions located in the PRC. Accounts receivable are typically unsecured and are derived from revenue earned from customers in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">There are no revenues from customers which individually represent greater than 10% of the total net revenues for any year of the three years period ended December 31, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">There are no customers of the Group that accounted for greater than 10% of the Group's carrying amount of accounts receivable as of December 31, 2014 and 2015.</p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <div style="display: block;"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><b>Recent accounting pronouncements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">In May 2014, the FASB issued, ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The guidance substantially converges final standards on revenue recognition between the FASB and the International Accounting Standards Board providing a framework on addressing revenue recognition issues and, upon its effective date, replaces almost all exiting revenue recognition guidance, including industry-specific guidance, in current U.S. generally accepted accounting principles.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps:</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"> </p> <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; width: 1407px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse;" width="100%"> <tr> <td style="width: 99px;"> </td> <td style="vertical-align: top; width: 28px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</font></td> <td style="vertical-align: top; width: 14px;"> </td> <td style="vertical-align: top; width: 1266px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Step 1: Identify the contract (s) with a customer.</font></td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"> </p> <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; width: 1407px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse;" width="100%"> <tr> <td style="width: 99px;"> </td> <td style="vertical-align: top; width: 28px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</font></td> <td style="vertical-align: top; width: 14px;"> </td> <td style="vertical-align: top; width: 1266px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Step 2: Identify the performance obligations in the contract.</font></td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"> </p> <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; width: 1407px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse;" width="100%"> <tr> <td style="width: 99px;"> </td> <td style="vertical-align: top; width: 28px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</font></td> <td style="vertical-align: top; width: 14px;"> </td> <td style="vertical-align: top; width: 1266px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Step 3: Determine the transaction price.</font></td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"> </p> <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; width: 1407px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse;" width="100%"> <tr> <td style="width: 99px;"> </td> <td style="vertical-align: top; width: 28px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</font></td> <td style="vertical-align: top; width: 14px;"> </td> <td style="vertical-align: top; width: 1266px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Step 4: Allocate the transaction price to the performance obligations in the contract.</font></td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;"> </p> <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; width: 1407px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse;" width="100%"> <tr> <td style="width: 99px;"> </td> <td style="vertical-align: top; width: 28px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</font></td> <td style="vertical-align: top; width: 14px;"> </td> <td style="vertical-align: top; width: 1266px;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.</font></td> </tr> </table> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">  </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">In August 2015, FASB issued its final standard formally amending the effective date of the new revenue recognition guidance. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Group is in the process of evaluating the impact of adoption of this guidance on its consolidated financial statements.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">In August 2014, the FASB issued ASU 2014-13, "Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity" The guidance is to eliminate diversity in practice in the accounting for measurement differences in both the initial consolidation and subsequent measurement of the financial assets and the financial liabilities of a collateralized financing entity. A reporting entity that consolidates a collateralized financing entity within the scope of the new guidance may elect to measure the financial assets and the financial liabilities of that collateralized financing entity using either the measurement alternative included in the new guidance or the existing guidance on fair value measurement. When a reporting entity elects the measurement alternative included in the new guidance for a collateralized financing entity, the reporting entity should measure both the financial assets and the financial liabilities of that collateralized financing entity in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. Early adoption is permitted. As noted earlier, the Group elected to early adopt this guidance.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810) — Amendments to the Consolidation Analysis”. The amendments in Topic 810 respond to stakeholders' concerns about the current accounting for consolidation of variable interest entities, by changing aspects of the analysis that a reporting entity must perform to determine whether it should consolidate such entities. Under the amendments, all reporting entities are within the scope of Subtopic 810-10, Consolidation – Overall, including limited partnerships and similar legal entities, unless a scope exception applies. The amendments are intended to be an improvement to current U.S. GAAP, as they simplify the codification of FASB Statement No. 167, Amendments to FASB Interpretation No. 46 (R), with changes including reducing the number of consolidation models through the elimination of the indefinite deferral of Statement 167 and placing more emphasis on risk of loss when determining a controlling financial interest. The amendments are effective for publicly-traded companies for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. Earlier adoption is permitted. The Group elected to early adopt this guidance.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"><font style="font-size: 10pt;">In January 2016, the FASB issued ASU </font>2016-01<font style="font-size: 10pt;">, "Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" This guidance revises the accounting related to the classification and measurement of investments in equity securities as well as the presentation for certain fair value changes in financial liabilities measured at fair value, and amends certain disclosure requirements. The guidance requires that all equity investments, except those accounted for under the equity method of accounting or those resulting in the consolidation of the investee, be accounted for at fair value with all fair value changes recognized in income. For financial liabilities measured using the fair value option, the guidance requires that any change in fair value caused by a change in instrument-specific credit risk be presented separately in other comprehensive income until the liability is settled or reaches maturity. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted for certain provisions. A reporting entity would generally record a cumulative-effect adjustment to beginning retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Group is in the process of evaluating the impact that this guidance will have on its consolidated financial statements.</font></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;"> </p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt;">In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the guidance is permitted. In transition, entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Group is in the process of evaluating the impact that this guidance will have on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><br/></p> </div> </div> </div> </div>
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<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears id="Tag270" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 2131000 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"><b>Use of estimates</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates. Significant accounting estimates reflected in the Group's financial statements are revenue recognition, liabilities from risk reserve fund service, fair value of risk reserve fund service, loans at fair value, payable to the Fund at fair value and income tax.</font></p> </div>
</us-gaap:UseOfEstimates>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b>Cash and cash equivalents</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Cash and cash equivalents include the Company's unrestricted deposits with financial institutions in checking, money market and short-term certificate of deposit accounts. The Company considers all highly liquid investments with stated maturity dates of three months or less from the date of purchase to be cash equivalents.</font></p> </div>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.95pt; color: #32406b;"><font style="color: black;"><b>Restricted cash</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; color: #32406b;"><font style="color: black;">Restricted cash represents: (i) cash in risk reserve fund which is managed by the Group through a restricted bank account; (ii) cash held by the consolidated trust through a segregated bank account <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">which is not available to fund the general liquidity needs of the Company.</font></font></p> </div>
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<us-gaap:LossContingencyAccrualCarryingValuePayments id="Tag274" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 20986000 </us-gaap:LossContingencyAccrualCarryingValuePayments>
<us-gaap:SalesRevenueNet id="Tag275" contextRef="D2014-01-01_To_2014-12-31_VariableInterestEntityPrimaryBeneficiaryMember" unitRef="USD" decimals="-3"> 31893000 </us-gaap:SalesRevenueNet>
<us-gaap:SalesRevenueNet id="Tag276" contextRef="D2015-01-01_To_2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember" unitRef="USD" decimals="-3"> 209585000 </us-gaap:SalesRevenueNet>
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<us-gaap:NetIncomeLoss id="Tag279" contextRef="D2015-01-01_To_2015-12-31_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:ExciseAndSalesTaxes id="Tag280" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 191000 </us-gaap:ExciseAndSalesTaxes>
<us-gaap:CashAndCashEquivalentsAtCarryingValue id="Tag281" contextRef="I2014-12-31_CNY" unitRef="USD" decimals="-3"> 222000 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:CashAndCashEquivalentsAtCarryingValue id="Tag282" contextRef="I2015-12-31_CNY" unitRef="USD" decimals="-3"> 130641000 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:CashAndCashEquivalentsAtCarryingValue id="Tag283" contextRef="I2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 22316000 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<yrd:AccruedIncentives id="Tag284" contextRef="I2015-12-31_YirenCoinsMember" unitRef="USD" decimals="-3"> 4556000 </yrd:AccruedIncentives>
<us-gaap:SalesRevenueNet id="Tag285" contextRef="D2013-01-01_To_2013-12-31_VariableInterestEntityPrimaryBeneficiaryMember" unitRef="USD" decimals="-3"> 3131000 </us-gaap:SalesRevenueNet>
<us-gaap:GuaranteeObligationsCurrentCarryingValue id="Tag286" contextRef="I2015-12-31_VariableInterestEntityPrimaryBeneficiaryMember_1" unitRef="USD" decimals="-3"> 84354000 </us-gaap:GuaranteeObligationsCurrentCarryingValue>
<us-gaap:RestrictedCashAndCashEquivalents id="Tag287" contextRef="I2015-12-31_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember_1" unitRef="USD" decimals="-3"> 4745000 </us-gaap:RestrictedCashAndCashEquivalents>
<us-gaap:Assets id="Tag288" contextRef="I2015-12-31_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember_1" unitRef="USD" decimals="-3"> 39122000 </us-gaap:Assets>
<yrd:OneTimeGuaranteeOfRevenueAssumptionFee id="Tag289" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 266000 </yrd:OneTimeGuaranteeOfRevenueAssumptionFee>
<us-gaap:ExciseAndSalesTaxes id="Tag290" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 1858000 </us-gaap:ExciseAndSalesTaxes>
<yrd:FundsReceivable id="Tag291" contextRef="I2014-12-31" unitRef="USD" decimals="-3"> 30588000 </yrd:FundsReceivable>
<us-gaap:PrepaidTaxes id="Tag292" contextRef="I2014-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:PrepaidExpenseCurrentAndNoncurrent id="Tag293" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 2216000 </us-gaap:PrepaidExpenseCurrentAndNoncurrent>
<us-gaap:OtherAssetsCurrent id="Tag294" contextRef="I2014-12-31" unitRef="USD" decimals="-3"> 1035000 </us-gaap:OtherAssetsCurrent>
<us-gaap:StockholdersEquity id="Tag295" contextRef="I2013-12-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 13260000 </us-gaap:StockholdersEquity>
<us-gaap:StockholdersEquity id="Tag296" contextRef="I2013-12-31_RetainedEarningsMember" unitRef="USD" decimals="-3"> -10152000 </us-gaap:StockholdersEquity>
<yrd:CapitalContributions id="Tag297" contextRef="D2014-01-01_To_2014-12-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 37650000 </yrd:CapitalContributions>
<yrd:CapitalContributions id="Tag298" contextRef="D2014-01-01_To_2014-12-31_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" xsi:nil="true"/>
<yrd:StockIssuedDuringPeriodValuePrivatePlacement id="Tag299" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 9000000 </yrd:StockIssuedDuringPeriodValuePrivatePlacement>
<yrd:ScheduleOfPrepaymentsAndOtherCurrentAssetsTableTextBlock id="Tag300" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><br/></p> <table style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 4%;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 70%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Funds receivable from external payment network providers (i)</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 12%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>30,588</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 12%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>30,556</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Prepaid VAT and surcharge tax</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>4,252</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Prepaid expense</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>969</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>2,216</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Others</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>1,035</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>1,069</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Total</td> <td style="background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>32,592</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>38,093</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <br/> <table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 4%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(i)</font></td> <td style="vertical-align: top; width: 92%; ;font-family: 'Times New Roman';"><div>The Company opened accounts with external online payment service providers to collect and transfer loan funds and interest to investors or borrowers. The Company also uses such accounts to collect the transaction fee and service fee, and repay and collect the default loan principal and interest. The balance of funds receivable from external payment network providers mainly includes (a) fund received from investors but not yet transferred to accounts of borrowers by external payment network providers due to the settlement time lag; (b) repayment of loan principal and interest amounts received from borrowers but not yet transferred to accounts of investors by external payment network due to the settlement time lag and (c) accumulated amounts of transaction fee, service fee received, payment and collection of default loan and interest at the balance sheet date.</div><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"></font></td> </tr> </table> </div>
</yrd:ScheduleOfPrepaymentsAndOtherCurrentAssetsTableTextBlock>
<us-gaap:PrepaidTaxes id="Tag301" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 4252000 </us-gaap:PrepaidTaxes>
<us-gaap:PrepaidExpenseCurrentAndNoncurrent id="Tag302" contextRef="I2014-12-31" unitRef="USD" decimals="-3"> 969000 </us-gaap:PrepaidExpenseCurrentAndNoncurrent>
<yrd:FundsReceivable id="Tag303" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 30556000 </yrd:FundsReceivable>
<us-gaap:OtherAssetsCurrent id="Tag304" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 1069000 </us-gaap:OtherAssetsCurrent>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag305" contextRef="D2014-01-01_To_2014-12-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag306" contextRef="D2014-01-01_To_2014-12-31_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" decimals="-3"> -299000 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent>
<us-gaap:NetIncomeLoss id="Tag307" contextRef="D2014-01-01_To_2014-12-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss id="Tag308" contextRef="D2014-01-01_To_2014-12-31_RetainedEarningsMember" unitRef="USD" decimals="-3"> -4497000 </us-gaap:NetIncomeLoss>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues id="Tag309" contextRef="D2015-01-01_To_2015-12-31_CommonStockMember" unitRef="Shares" decimals="INF"> 15000000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<yrd:PrepaymentsAndOtherCurrentAssetsTextBlock id="Tag310" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>3.</b></font></td> <td style="width: 96%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>PREPAID EXPENSE AND OTHER ASSETS</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><br/></p> <table style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 4%;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 70%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Funds receivable from external payment network providers (i)</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 12%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>30,588</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 12%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>30,556</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Prepaid VAT and surcharge tax</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>4,252</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Prepaid expense</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>969</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>2,216</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Others</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>1,035</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>1,069</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Total</td> <td style="background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>32,592</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>38,093</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <br/> <table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 4%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(i)</font></td> <td style="vertical-align: top; width: 92%; ;font-family: 'Times New Roman';"><div>The Company opened accounts with external online payment service providers to collect and transfer loan funds and interest to investors or borrowers. The Company also uses such accounts to collect the transaction fee and service fee, and repay and collect the default loan principal and interest. The balance of funds receivable from external payment network providers mainly includes (a) fund received from investors but not yet transferred to accounts of borrowers by external payment network providers due to the settlement time lag; (b) repayment of loan principal and interest amounts received from borrowers but not yet transferred to accounts of investors by external payment network due to the settlement time lag and (c) accumulated amounts of transaction fee, service fee received, payment and collection of default loan and interest at the balance sheet date.</div><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"></font></td> </tr> </table> </div> </div>
</yrd:PrepaymentsAndOtherCurrentAssetsTextBlock>
<yrd:FundsPayable id="Tag311" contextRef="I2015-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:TaxesPayableCurrentAndNoncurrent id="Tag312" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 29397000 </us-gaap:TaxesPayableCurrentAndNoncurrent>
<us-gaap:AccountsPayableOtherCurrentAndNoncurrent id="Tag313" contextRef="I2014-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:OtherAccruedLiabilitiesCurrentAndNoncurrent id="Tag314" contextRef="I2014-12-31" unitRef="USD" decimals="-3"> 985000 </us-gaap:OtherAccruedLiabilitiesCurrentAndNoncurrent>
<us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock id="Tag315" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 4%;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Fund payable (i)</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 14%; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>26,622</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 14%; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>—</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Accrued payroll and welfare</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>1,138</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>2,870</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Tax payable</td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>68</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>29,397</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Accrued IPO related expense</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>3,411</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);">Accrued cash incentives and Yiren coins</td> <td style="width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font> <font><font>—</font></font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font> <font>5,502</font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px;">Accrued advertisement expense</td> <td style="width: 20px;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px;"><font> <font><font>—</font></font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="width: 20px;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px;"><font> <font>1,957</font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Other accrued expenses</td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>985</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>1,369</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Total accrued expenses and other current liabilities</td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right; ;font-family: 'Times New Roman';"><font>28,813</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right; ;font-family: 'Times New Roman';"><font>44,506</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="width: 4%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(i)</font></td> <td style="vertical-align: top; width: 92%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The balance of fund payable mainly includes fund payable to investors or borrowers due to the settlement time lag by external payment network.</font></td> </tr> </table> </div>
</us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock>
<yrd:AccruedIncentives id="Tag316" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 5502000 </yrd:AccruedIncentives>
<us-gaap:AccruedAdvertisingCurrentAndNoncurrent id="Tag317" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 1957000 </us-gaap:AccruedAdvertisingCurrentAndNoncurrent>
<us-gaap:EmployeeRelatedLiabilitiesCurrentAndNoncurrent id="Tag318" contextRef="I2014-12-31" unitRef="USD" decimals="-3"> 1138000 </us-gaap:EmployeeRelatedLiabilitiesCurrentAndNoncurrent>
<us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock id="Tag319" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>7.</b></font></td> <td style="width: 96%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>ACCRUED EXPENSES AND OTHER LIABILITIES</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <table style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 4%;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Fund payable (i)</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 14%; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>26,622</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 14%; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>—</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Accrued payroll and welfare</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>1,138</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>2,870</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Tax payable</td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>68</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>29,397</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Accrued IPO related expense</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>3,411</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);">Accrued cash incentives and Yiren coins</td> <td style="width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font> <font><font>—</font></font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font> <font>5,502</font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px;">Accrued advertisement expense</td> <td style="width: 20px;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px;"><font> <font><font>—</font></font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="width: 20px;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; width: 20px;"><font> <font>1,957</font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Other accrued expenses</td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>985</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>1,369</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Total accrued expenses and other current liabilities</td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right; ;font-family: 'Times New Roman';"><font>28,813</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right; ;font-family: 'Times New Roman';"><font>44,506</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="width: 4%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(i)</font></td> <td style="vertical-align: top; width: 92%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The balance of fund payable mainly includes fund payable to investors or borrowers due to the settlement time lag by external payment network.</font></td> </tr> </table> </div> </div>
</us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock>
<us-gaap:OtherAccruedLiabilitiesCurrentAndNoncurrent id="Tag320" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 1369000 </us-gaap:OtherAccruedLiabilitiesCurrentAndNoncurrent>
<us-gaap:SegmentReportingDisclosureTextBlock id="Tag321" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>12.</b></font></td> <td style="width: 96%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>SEGMENT INFORMATION</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">The Group's chief operating decision maker has been identified as the Chief Executive Officer who reviews the consolidated results of operation when making decisions about allocating resources and assessing performance of the Group. The Group operates and manages its business as a single segment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">All of the Group's revenue for the years ended December 31, 2013, 2014 and 2015 were generated from the PRC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">As of December 31, 2014 and 2015, respectively, all of long-lived assets of the Group were located in the PRC.</p> </div>
</us-gaap:SegmentReportingDisclosureTextBlock>
<us-gaap:StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends id="Tag322" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 69983000 </us-gaap:StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends>
<yrd:StatutoryAccountingPracticesStatutoryCapitalAndSurplusAppropriations id="Tag323" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 0 </yrd:StatutoryAccountingPracticesStatutoryCapitalAndSurplusAppropriations>
<us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance id="Tag324" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 4922000 </us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock id="Tag325" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>15.</b></font></td> <td style="width: 96%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>COMMITMENTS AND CONTINGENCIES</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Operating lease as lessee</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">The Group leases certain office premises under non-cancelable leases. Rental expenses under operating leases for the years ended December 31, 2013, 2014 and 2015 were $<font>642</font>, $<font>1,053</font>, $<font>1,573</font>, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Future minimum lease payments under non-cancelable operating leases agreements are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <table style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" align="center" width="100%"> <tr style="vertical-align: bottom;"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-left: 0;" nowrap="nowrap">Years <br/> ending</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 83%; text-align: left; padding-left: 0; ;font-family: 'Times New Roman';">2016</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 14%; text-align: right; ;font-family: 'Times New Roman';"><font>3,102</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 0; ;font-family: 'Times New Roman';">2017</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>2,277</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 0; ;font-family: 'Times New Roman';">2018</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>2,131</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 0; ;font-family: 'Times New Roman';">2019</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>178</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 0; ;font-family: 'Times New Roman';">2020 and thereafter</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> </div>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent id="Tag326" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 3102000 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent>
<yrd:OperatingLeasesFutureMinimumPaymentsDueYearFiveAndThereafter id="Tag327" contextRef="I2015-12-31" unitRef="USD" xsi:nil="true"/>
<yrd:StatutoryReservesAndRestrictedNetAssetsDisclosureTextBlock id="Tag328" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>14.</b></font></td> <td style="width: 96%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>STATUTORY RESERVES AND RESTRICTED NET ASSETS</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">In accordance with the PRC laws and regulations, the Company's PRC subsidiaries and VIEs are required to make appropriation to certain statutory reserves, namely general reserve, enterprise expansion reserve, and staff welfare and bonus reserve, all of which are appropriated from net profit as reported in their PRC statutory accounts. The Group's PRC entity is required to appropriate at least 10% of their after-tax profits to the general reserve until such reserve has reached 50% of their respective registered capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Appropriations to the enterprise expansion reserve and the staff welfare and bonus reserve are to be made at the discretion of the board of directors of each of the Group's PRC entities. There are <font>no</font> appropriations to these reserves by the Group's PRC entities for the year ended December 31, 2013, 2014 and 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">As a result of PRC laws and regulations and the requirement that distributions by the PRC entity can only be paid out of distributable profits computed in accordance with the PRC GAAP, the PRC entity is restricted from transferring a portion of their net assets to the Company. Amounts restricted include paid-in capital, capital reserve and statutory reserves of the Company's PRC entity. As of December 31, 2014 and December 31, 2015, the aggregated amounts of paid-in capital, capital reserve and statutory reserves represented the amount of net assets of the relevant entity in the Group not available for distribution amounted to $<font>51,796</font>, and $<font>69,983</font>, r<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">espectively (including the statutory reserve fund of $<font>nil</font> and $<font>4,922</font> as of December 31, 2014 and 2015, respectively). As a result of the above restrictions, parent-only financials are presented on financial statement schedule 1.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> </div>
</yrd:StatutoryReservesAndRestrictedNetAssetsDisclosureTextBlock>
<yrd:StatutoryAccountingPracticesStatutoryCapitalAndSurplusAppropriations id="Tag329" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 0 </yrd:StatutoryAccountingPracticesStatutoryCapitalAndSurplusAppropriations>
<us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance id="Tag330" contextRef="I2014-12-31" unitRef="USD" xsi:nil="true"/>
<yrd:StatutoryAccountingPracticesStatutoryCapitalAndSurplusAppropriations id="Tag331" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 0 </yrd:StatutoryAccountingPracticesStatutoryCapitalAndSurplusAppropriations>
<us-gaap:StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends id="Tag332" contextRef="I2014-12-31" unitRef="USD" decimals="-3"> 51796000 </us-gaap:StatutoryAccountingPracticesRetainedEarningsNotAvailableForDividends>
<us-gaap:OperatingLeasesRentExpenseNet id="Tag333" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 1053000 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears id="Tag334" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 2277000 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears id="Tag335" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 178000 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears>
<us-gaap:OperatingLeasesRentExpenseNet id="Tag336" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 642000 </us-gaap:OperatingLeasesRentExpenseNet>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" align="center" width="100%"> <tr style="vertical-align: bottom;"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-left: 0;" nowrap="nowrap">Years <br/> ending</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 83%; text-align: left; padding-left: 0; ;font-family: 'Times New Roman';">2016</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 14%; text-align: right; ;font-family: 'Times New Roman';"><font>3,102</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 0; ;font-family: 'Times New Roman';">2017</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>2,277</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 0; ;font-family: 'Times New Roman';">2018</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>2,131</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 0; ;font-family: 'Times New Roman';">2019</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>178</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 0; ;font-family: 'Times New Roman';">2020 and thereafter</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div>
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<us-gaap:OperatingLeasesRentExpenseNet id="Tag338" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 1573000 </us-gaap:OperatingLeasesRentExpenseNet>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag339" contextRef="D2015-01-01_To_2015-12-31_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag340" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> -2873000 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent>
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<us-gaap:CommonStockSharesOutstanding id="Tag342" contextRef="I2015-12-31_CommonStockMember" unitRef="Shares" decimals="INF"> 117000000 </us-gaap:CommonStockSharesOutstanding>
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<us-gaap:StockholdersEquity id="Tag344" contextRef="I2015-12-31_RetainedEarningsMember" unitRef="USD" decimals="-3"> 29179000 </us-gaap:StockholdersEquity>
<us-gaap:PropertyPlantAndEquipmentGross id="Tag345" contextRef="I2015-12-31_OfficeEquipmentMember" unitRef="USD" decimals="-3"> 40000 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross id="Tag346" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 3216000 </us-gaap:PropertyPlantAndEquipmentGross>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>6.</b></font></td> <td style="width: 96%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>PROPERTY, EQUIPMENT AND SOFTWARE, NET</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <table style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 4%;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2">December 31,<br/> 2014</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2">December 31,<br/> 2015</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Computer and transmission equipment</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 14%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>635</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 14%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>2,703</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Furniture and office equipment</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>37</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>40</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Leasehold improvements</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>157</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>154</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px;">Software </td> <td style="width: 20px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px;"><font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"><font>—</font></font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="width: 20px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px;"><font> <font>319</font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Total property, equipment and software</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>829</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>3,216</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Accumulated depreciation and amortization</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>278</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>717</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Property, equipment and software, net</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"><font>551</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"><font>2,499</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> </table> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Depreciation and amortization expense on property, equipment and software for the years ended December 31, 2013, 2014 and 2015 were $<font>72</font>, $<font>185</font> and $<font>579</font>, respectively.</p> </div>
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<us-gaap:DefinedBenefitPlanContributionsByEmployer id="Tag348" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 15492000 </us-gaap:DefinedBenefitPlanContributionsByEmployer>
<yrd:StockIssuedDuringPeriodValueStockSplit id="Tag349" contextRef="D2015-01-01_To_2015-12-31_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true"/>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.32in; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>8.</b></font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>FAIR VALUE OF LIABILITIES FROM FINANCIAL GUARANTEE ASSOCIATED TO RISK RESERVE FUND</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.35pt; text-indent: -0.25pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-indent: -0.3pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -0.4px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The fair value of the stand-ready liability associated with the risk reserve fund guarantee recorded at the inception of the loan was estimated using a discounted cash flow model to our expected payouts from the risk reserve fund, and also by incorporating a markup margin. The Company estimates its expected future payouts based on its current product mix as well as its estimates of expected net charge-off rates and expected collection rates and a discount rate. The expected future cash payout is capped at the restricted cash balance of the risk reserve fund. In the fourth quarter of 2015, in order to continue to attract new and retain existing investors and to remain consistent with the current industry practice in China, the Group set aside more cash in the risk reserve fund from the fourth quarter of 2015, based on its current business intention but not legal obligation, so that the balance in the risk reserve fund is enough to cover the expected payouts.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-indent: -0.3pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.1pt;">The Company estimated the expected net charge-off rates of the loan facilitated as the weighted average of the expected net charge-off rates of loan Grade A, B, C, and D. The Company developed the expected net charge-off rates for Grade A based on the Group's historical experience and Grade D by reference to the past performance of similar products of CreditEase. Grade B and C loans have credit risks higher than Grade A but lower than Grade D.</p> </div>
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<us-gaap:StockholdersEquity id="Tag353" contextRef="I2012-12-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockholdersEquity id="Tag354" contextRef="I2012-12-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 1863000 </us-gaap:StockholdersEquity>
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<us-gaap:StockholdersEquity id="Tag356" contextRef="I2012-12-31" unitRef="USD" decimals="-3"> 54000 </us-gaap:StockholdersEquity>
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<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag358" contextRef="D2013-01-01_To_2013-12-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss id="Tag359" contextRef="D2013-01-01_To_2013-12-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
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<us-gaap:StockholdersEquity id="Tag361" contextRef="I2014-12-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockholdersEquity id="Tag362" contextRef="I2014-12-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 50910000 </us-gaap:StockholdersEquity>
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<us-gaap:NetIncomeLoss id="Tag364" contextRef="D2015-01-01_To_2015-12-31_RetainedEarningsMember" unitRef="USD" decimals="-3"> 43828000 </us-gaap:NetIncomeLoss>
<us-gaap:PropertyPlantAndEquipmentGross id="Tag365" contextRef="I2015-12-31_ComputerEquipmentMember" unitRef="USD" decimals="-3"> 2703000 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross id="Tag366" contextRef="I2015-12-31_LeaseholdImprovementsMember" unitRef="USD" decimals="-3"> 154000 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross id="Tag367" contextRef="I2014-12-31" unitRef="USD" decimals="-3"> 829000 </us-gaap:PropertyPlantAndEquipmentGross>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 4%;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;" colspan="2">December 31,<br/> 2014</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2">December 31,<br/> 2015</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Computer and transmission equipment</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 14%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>635</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 14%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>2,703</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Furniture and office equipment</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>37</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>40</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Leasehold improvements</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>157</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>154</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; width: 20px;">Software </td> <td style="width: 20px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px;"><font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;"><font>—</font></font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="width: 20px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; width: 20px;"><font> <font>319</font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; width: 20px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Total property, equipment and software</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>829</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>3,216</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Accumulated depreciation and amortization</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>278</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>717</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Property, equipment and software, net</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"><font>551</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"><font>2,499</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> </table> </div>
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<us-gaap:DefinedBenefitPlanContributionsByEmployer id="Tag369" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 6542000 </us-gaap:DefinedBenefitPlanContributionsByEmployer>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>13.</b></font></td> <td style="width: 96%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>EMPLOYEE BENEFIT PLAN</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Full time employees of the Company in the PRC participate in a government-mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. The Company accrues for these benefits based on certain percentages of the employees' salaries. The total contribution for such employee benefits were $<font>3,811</font>, $<font>6,542</font> and $<font>15,492</font> for the years ended December 31, 2013, 2014 and 2015, respectively.</p> </div>
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<us-gaap:StockholdersEquity id="Tag382" contextRef="I2015-12-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 124758000 </us-gaap:StockholdersEquity>
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<us-gaap:StockholdersEquity id="Tag386" contextRef="I2013-12-31" unitRef="USD" decimals="-3"> 3158000 </us-gaap:StockholdersEquity>
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<us-gaap:StockholdersEquity id="Tag389" contextRef="I2014-12-31_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" decimals="-3"> -249000 </us-gaap:StockholdersEquity>
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<us-gaap:StockholdersEquity id="Tag394" contextRef="I2015-12-31_CommonStockMember" unitRef="USD" decimals="-3"> 12000 </us-gaap:StockholdersEquity>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment id="Tag395" contextRef="I2014-12-31" unitRef="USD" decimals="-3"> 278000 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
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<yrd:CapitalContributions id="Tag398" contextRef="D2013-01-01_To_2013-12-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag399" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 49000 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent>
<yrd:StockIssuedDuringPeriodValuePrivatePlacement id="Tag400" contextRef="D2015-01-01_To_2015-12-31_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockholdersEquity id="Tag401" contextRef="I2013-12-31_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" decimals="-3"> 50000 </us-gaap:StockholdersEquity>
<us-gaap:NetIncomeLoss id="Tag402" contextRef="D2014-01-01_To_2014-12-31_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockholdersEquity id="Tag403" contextRef="I2014-12-31_RetainedEarningsMember" unitRef="USD" decimals="-3"> -14649000 </us-gaap:StockholdersEquity>
<us-gaap:StockIssuedDuringPeriodValueNewIssues id="Tag404" contextRef="D2015-01-01_To_2015-12-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 64848000 </us-gaap:StockIssuedDuringPeriodValueNewIssues>
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<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment id="Tag407" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 717000 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
<us-gaap:PropertyPlantAndEquipmentGross id="Tag408" contextRef="I2015-12-31_SoftwareAndSoftwareDevelopmentCostsMember" unitRef="USD" decimals="-3"> 319000 </us-gaap:PropertyPlantAndEquipmentGross>
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<yrd:CapitalContributions id="Tag410" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 37650000 </yrd:CapitalContributions>
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<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag412" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> -299000 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent>
<us-gaap:StockIssuedDuringPeriodValueNewIssues id="Tag413" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 64850000 </us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:PropertyPlantAndEquipmentGross id="Tag414" contextRef="I2014-12-31_ComputerEquipmentMember" unitRef="USD" decimals="-3"> 635000 </us-gaap:PropertyPlantAndEquipmentGross>
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<yrd:CapitalContributions id="Tag418" contextRef="D2013-01-01_To_2013-12-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 11397000 </yrd:CapitalContributions>
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<yrd:StockIssuedDuringPeriodValuePrivatePlacement id="Tag423" contextRef="D2015-01-01_To_2015-12-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 9000000 </yrd:StockIssuedDuringPeriodValuePrivatePlacement>
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<us-gaap:AssetsFairValueDisclosure id="Tag425" contextRef="I2014-12-31_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements id="Tag426" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 1659000 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements>
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<us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted id="Tag429" contextRef="D2014-01-01_To_2014-12-31" unitRef="Shares" decimals="INF"> 100000000 </us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
<us-gaap:CashAndCashEquivalentsFairValueDisclosure id="Tag430" contextRef="I2015-12-31_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:AssetsFairValueDisclosure id="Tag431" contextRef="I2015-12-31_FairValueInputsLevel3Member" unitRef="USD" decimals="-3"> 34164000 </us-gaap:AssetsFairValueDisclosure>
<us-gaap:CashAndCashEquivalentsFairValueDisclosure id="Tag432" contextRef="I2014-12-31_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases id="Tag433" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 39383000 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases>
<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue id="Tag434" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 34164000 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue>
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<us-gaap:EarningsPerShareTextBlock id="Tag436" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>11.</b></font></td> <td style="width: 96%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>NET (LOSS)/INCOME PER SHARE AND NET (LOSS)/INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Basic net (loss)/income per share (EPS) is the amount of net (loss)/income available to each share of ordinary shares outstanding during the reporting period. Diluted EPS is the amount of net (loss)/income available to each share of ordinary shares outstanding during the reporting period adjusted to include the effect of potentially dilutive ordinary shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">The following table details the computation of the basic and diluted net (loss)/income per share:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <div> <table style="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td></td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2013</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 61%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Net (loss)/income</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>(8,342</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">)</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>(4,497</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">)</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>43,828</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Shares (denominator):</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Weighted average number of ordinary shares used in computing basic and diluted net (loss)/income per share</td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>100,000,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>100,000,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>100,652,055</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Basic and diluted (loss)/income per share</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>(0.0834</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>(0.0450</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>0.4354</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"> </p> </div> </div> </div>
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<us-gaap:AssetsFairValueDisclosure id="Tag437" contextRef="I2015-12-31_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:LiabilitiesFairValueDisclosure id="Tag438" contextRef="I2015-12-31_FairValueInputsLevel3Member" unitRef="USD" decimals="-3"> 39049000 </us-gaap:LiabilitiesFairValueDisclosure>
<us-gaap:AssetsFairValueDisclosure id="Tag439" contextRef="I2014-12-31_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock id="Tag440" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" nowrap="nowrap">December 31, 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Level 1 Inputs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Level 2 Inputs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Level 3 Inputs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Balance at Fair Value</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold; ;font-family: 'Times New Roman';">Assets</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 48%; text-align: left; ;font-family: 'Times New Roman';">Cash and cash equivalents</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>130,641</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>130,641</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Loans at fair value</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>34,164</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>34,164</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';">Total Assets</td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>130,641</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>34,164</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>164,805</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold; ;font-family: 'Times New Roman';">Liabilities</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Payable to the Fund at fair value</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>39,049</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>39,049</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';">Total Liabilities</td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>39,049</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>39,049</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b> </b></p> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" nowrap="nowrap">December 31, 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Level 1 Inputs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Level 2 Inputs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Level 3 Inputs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Balance at Fair Value</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold; ;font-family: 'Times New Roman';">Assets</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 48%; text-align: left; ;font-family: 'Times New Roman';">Cash and cash equivalents</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>222</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>222</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';">Total Assets</td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>222</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>222</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div>
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<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings id="Tag442" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> -142000 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings>
<us-gaap:EarningsPerShareBasicAndDiluted id="Tag443" contextRef="D2015-01-01_To_2015-12-31" unitRef="USDPerShare" decimals="4"> 0.4354 </us-gaap:EarningsPerShareBasicAndDiluted>
<yrd:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetExchangeDifference id="Tag444" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> -1055000 </yrd:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetExchangeDifference>
<us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted id="Tag445" contextRef="D2013-01-01_To_2013-12-31" unitRef="Shares" decimals="INF"> 100000000 </us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
<us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted id="Tag446" contextRef="D2015-01-01_To_2015-12-31" unitRef="Shares" decimals="INF"> 100652055 </us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
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<us-gaap:AssetsFairValueDisclosure id="Tag449" contextRef="I2014-12-31" unitRef="USD" decimals="-3"> 222000 </us-gaap:AssetsFairValueDisclosure>
<us-gaap:FairValueInputsPrepaymentRate id="Tag450" contextRef="D2015-01-01_To_2015-12-31_AccountsPayableMember" unitRef="Pure" decimals="3"> 0.074 </us-gaap:FairValueInputsPrepaymentRate>
<us-gaap:AssetsFairValueDisclosure id="Tag451" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 164805000 </us-gaap:AssetsFairValueDisclosure>
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<us-gaap:AccountsPayableFairValueDisclosure id="Tag453" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 39049000 </us-gaap:AccountsPayableFairValueDisclosure>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <div style="display: block;"> <div style="display: block;"> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: top; text-align: justify;"> <td style="width: 4%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>4.</b></font></td> <td style="text-align: justify; width: 96%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase;"><b>FAIR VALUE OF ASSETS AND LIABILITIES</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt;"> </p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-indent: 0.05pt;">For a description of the fair value hierarchy and the Company's fair value methodologies, see “Note 2 – Summary of Significant Accounting Policies.” The Company did not transfer any assets or liabilities in or out of level 3 during the years ended December 31, 2013, 2014, and 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-indent: 0.05pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20.1pt;"><b>Financial Instruments Recorded at Fair Value</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt;">The following tables present the fair value hierarchy for assets and liabilities measured at fair value:<b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20.1pt;"><b> </b></p> <div> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" nowrap="nowrap">December 31, 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Level 1 Inputs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Level 2 Inputs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Level 3 Inputs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Balance at Fair Value</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold; ;font-family: 'Times New Roman';">Assets</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 48%; text-align: left; ;font-family: 'Times New Roman';">Cash and cash equivalents</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>130,641</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>130,641</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Loans at fair value</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>34,164</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>34,164</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';">Total Assets</td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>130,641</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>34,164</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>164,805</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold; ;font-family: 'Times New Roman';">Liabilities</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Payable to the Fund at fair value</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>39,049</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>39,049</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';">Total Liabilities</td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>39,049</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>39,049</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b> </b></p> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" nowrap="nowrap">December 31, 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Level 1 Inputs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Level 2 Inputs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Level 3 Inputs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Balance at Fair Value</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold; ;font-family: 'Times New Roman';">Assets</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 48%; text-align: left; ;font-family: 'Times New Roman';">Cash and cash equivalents</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>222</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>222</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';">Total Assets</td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>222</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-weight: bold; text-align: right; ;font-family: 'Times New Roman';"><font>222</font></td> <td style="font-weight: bold; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-indent: -0.3pt;">As the Company's loans and related payable to the Fund do not trade in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of these assets and liabilities. Financial instruments are categorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. At December 31, 2015, the discounted cash flow methodology is used to estimate the fair value of loans. As of December 31, 2015, due to the adoption of ASU 2014-13 (see Note 2), the payable to the Fund of the consolidated trust were measured on the basis of the fair value of the loans of the consolidated trust as the loans were determined to be more observable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-indent: -0.3pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: -0.2pt;">As of December 31, 2015, the significant unobservable inputs used in the fair value measurement of the loans of the consolidated trust include the discount rate applied in the valuation models, default and recovery rates applied in the valuation models, and early prepayment rates. These inputs in isolation can cause significant increases or decreases in fair value. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of loans; conversely a decrease in the discount rate can significantly increase the fair value of loans. The discount rate is determined based on the market rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.4pt;"><b>Significant Unobservable Inputs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 21.4pt;"><b> </b></p> <div> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" nowrap="nowrap">Financial Instrument</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" nowrap="nowrap">Unobservable Input</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">December 31, 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Range of Inputs</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Weighted- Average</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 36%; text-align: left; ;font-family: 'Times New Roman';">Loans and payable to the Fund</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 45%; text-align: left; ;font-family: 'Times New Roman';">Discount rates</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 15%; text-align: right; ;font-family: 'Times New Roman';"><font>12.0</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';">Net cumulative expected loss rates (1)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>7.9</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';">Cumulative prepayment rates (2)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>7.4</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: 21.2pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: 21.2pt;">(1) Expressed as a percentage of the loan volume.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: 21.2pt;">(2) Expressed as a percentage of remaining principle of loans.</p> <p><br/></p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: -0.2pt;"> <b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.1pt; text-indent: 0.1pt;">The following table presents additional information about Level <font>3</font> loans, payable to the Fund measured at fair value on a recurring basis for the years ended December 31, 2015 and <font>2014</font>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.1pt; text-indent: 0.1pt;"> </p> <div> <table style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Loans</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Payable to fund</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Balance at December 31, 2014</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 74%; ;font-family: 'Times New Roman';">Purchases of loans</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>39,383</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Initial contribution</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>39,792</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Principal payments</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(1,659</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Interest and penalties received</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>719</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Deductibles expenses associated with Trust operating</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(114</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Change in fair value of loans</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(2,505</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(142</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 20px;">Exchange difference </td> <td style="width: 20px;"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font> <font>(1,055</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">) </td> <td style="width: 20px;"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font> <font>(1,206</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">) </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Balance at December 31, 2015</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>34,164</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>39,049</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20.1pt;"><b><i>Financial Instruments Not Recorded at Fair Value</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 18.05pt;"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.6pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Financial instruments, including restricted cash, accounts receivable, accounts payable, short-term investments and amounts due from/to related parties are</font> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">not recorded at fair value. The carrying values of restricted cash, accounts receivable, accounts payable, short-term investments and amounts due from/to related parties are approximate their fair value reported in the consolidated balance sheets</font> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">due to the short term nature of these assets and liabilities.</font></p> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-indent: 0.05pt;"><br/></p> </div> </div> </div> </div>
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<us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue id="Tag468" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 39049000 </us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" nowrap="nowrap">Financial Instrument</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" nowrap="nowrap">Unobservable Input</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">December 31, 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Range of Inputs</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Weighted- Average</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 36%; text-align: left; ;font-family: 'Times New Roman';">Loans and payable to the Fund</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 45%; text-align: left; ;font-family: 'Times New Roman';">Discount rates</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 15%; text-align: right; ;font-family: 'Times New Roman';"><font>12.0</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';">Net cumulative expected loss rates (1)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>7.9</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';">Cumulative prepayment rates (2)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>7.4</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: 21.2pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: 21.2pt;">(1) Expressed as a percentage of the loan volume.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: 21.2pt;">(2) Expressed as a percentage of remaining principle of loans.</p> <p><br/></p> </div>
</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock>
<us-gaap:FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock id="Tag470" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.3in;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Loans</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap">Payable to fund</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Balance at December 31, 2014</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 74%; ;font-family: 'Times New Roman';">Purchases of loans</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>39,383</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>Initial contribution</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>39,792</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Principal payments</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(1,659</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Interest and penalties received</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>719</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Deductibles expenses associated with Trust operating</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>-</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(114</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Change in fair value of loans</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(2,505</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(142</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 20px;">Exchange difference </td> <td style="width: 20px;"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font> <font>(1,055</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">) </td> <td style="width: 20px;"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font> <font>(1,206</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">) </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td>Balance at December 31, 2015</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>34,164</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>39,049</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div>
</us-gaap:FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock>
<us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock id="Tag471" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 93%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td></td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2013</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 61%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Net (loss)/income</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>(8,342</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">)</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>(4,497</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">)</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>43,828</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Shares (denominator):</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Weighted average number of ordinary shares used in computing basic and diluted net (loss)/income per share</td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>100,000,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>100,000,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>100,652,055</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Basic and diluted (loss)/income per share</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>(0.0834</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>(0.0450</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>0.4354</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div>
</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
<us-gaap:CashAndCashEquivalentsFairValueDisclosure id="Tag472" contextRef="I2015-12-31_FairValueInputsLevel1Member" unitRef="USD" decimals="-3"> 130641000 </us-gaap:CashAndCashEquivalentsFairValueDisclosure>
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<us-gaap:AccountsPayableFairValueDisclosure id="Tag474" contextRef="I2015-12-31_FairValueInputsLevel3Member" unitRef="USD" decimals="-3"> 39049000 </us-gaap:AccountsPayableFairValueDisclosure>
<us-gaap:LiabilitiesFairValueDisclosure id="Tag475" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 39049000 </us-gaap:LiabilitiesFairValueDisclosure>
<us-gaap:CashAndCashEquivalentsFairValueDisclosure id="Tag476" contextRef="I2014-12-31_FairValueInputsLevel1Member" unitRef="USD" decimals="-3"> 222000 </us-gaap:CashAndCashEquivalentsFairValueDisclosure>
<us-gaap:CashAndCashEquivalentsFairValueDisclosure id="Tag477" contextRef="I2014-12-31_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:CashAndCashEquivalentsFairValueDisclosure id="Tag478" contextRef="I2014-12-31" unitRef="USD" decimals="-3"> 222000 </us-gaap:CashAndCashEquivalentsFairValueDisclosure>
<us-gaap:AssetsFairValueDisclosure id="Tag479" contextRef="I2014-12-31_FairValueInputsLevel1Member" unitRef="USD" decimals="-3"> 222000 </us-gaap:AssetsFairValueDisclosure>
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<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease id="Tag482" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 66490000 </us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
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<dei:EntityFilerCategory id="Tag485" contextRef="D2015-01-01_To_2015-12-31"> Non-accelerated Filer </dei:EntityFilerCategory>
<dei:DocumentFiscalPeriodFocus id="Tag486" contextRef="D2015-01-01_To_2015-12-31"> FY </dei:DocumentFiscalPeriodFocus>
<us-gaap:ComprehensiveIncomeNetOfTax id="Tag487" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> -4796000 </us-gaap:ComprehensiveIncomeNetOfTax>
<dei:EntityCommonStockSharesOutstanding id="Tag488" contextRef="I2015-12-31" unitRef="Shares" decimals="INF"> 117000000 </dei:EntityCommonStockSharesOutstanding>
<us-gaap:UnrealizedGainLossOnInvestmentsTableTextBlock id="Tag489" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; text-align: center; ;font-family: 'Times New Roman';" colspan="18"><font style="font-size: 10pt;">As of December 31, 2014</font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt;">Amortized cost</font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-size: 10pt;">Gross<br/> unrecognized<br/> holding gains</font></p> </td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-size: 10pt;">Gross<br/> unrecognized<br/> holding losses</font></p> </td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-size: 10pt;">Unrealized gain in</font><br/><font style="font-size: 10pt;"> accumulated other<br/> comprehensive income</font></p> </td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt;">Fair value</font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;">Short-term investments:</font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right;"></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right;"></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;">Held-to maturity securities</font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"><br/></p> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; text-align: center; ;font-family: 'Times New Roman';" colspan="18"><font style="font-size: 10pt;">As of December 31, 2015</font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt;">Amortized cost</font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-size: 10pt;">Gross<br/> unrecognized<br/> holding gains</font></p> </td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-size: 10pt;">Gross<br/> unrecognized<br/> holding losses</font></p> </td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-size: 10pt;">Unrealized gain in</font><br/><font style="font-size: 10pt;"> accumulated other<br/> comprehensive income</font></p> </td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt;">Fair value</font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;">Short-term investments:</font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 35%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;">Held-to maturity securities -  adjustable-rate debt securities</font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">4,632</font></font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">4,632</font></font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div>
</us-gaap:UnrealizedGainLossOnInvestmentsTableTextBlock>
<us-gaap:HeldToMaturitySecuritiesFairValue id="Tag490" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 4632000 </us-gaap:HeldToMaturitySecuritiesFairValue>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock id="Tag491" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <table style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">December 31,<br/> 2014</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">December 31,<br/> 2015</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 74%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Liabilities from risk reserve fund guarantee</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>21,088</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Deferred revenue</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>4,535</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;">Accrued expenses</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: #cceeff;"><font>1,530</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Total</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>27,153</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div> </div>
</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<us-gaap:CurrentIncomeTaxExpenseBenefit id="Tag492" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 48448000 </us-gaap:CurrentIncomeTaxExpenseBenefit>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments id="Tag493" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> -4492000 </us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
<us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures id="Tag494" contextRef="I2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 76968000 </us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures>
<us-gaap:CommonStockSharesIssued id="Tag495" contextRef="I2014-12-31_ParentCompanyMember" unitRef="Shares" decimals="INF"> 100000000 </us-gaap:CommonStockSharesIssued>
<us-gaap:StockholdersEquity id="Tag496" contextRef="I2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 36012000 </us-gaap:StockholdersEquity>
<us-gaap:NetIncomeLoss id="Tag497" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> -4497000 </us-gaap:NetIncomeLoss>
<us-gaap:EarningsPerShareBasicAndDiluted id="Tag498" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember" unitRef="USDPerShare" decimals="4"> -0.0834 </us-gaap:EarningsPerShareBasicAndDiluted>
<us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted id="Tag499" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember" unitRef="Shares" decimals="INF"> 100000000 </us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
<us-gaap:NetIncomeLoss id="Tag500" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true"/>
<yrd:CapitalContributions id="Tag501" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember_RetainedEarningsMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockholdersEquity id="Tag502" contextRef="I2014-12-31_ParentCompanyMember_RetainedEarningsMember" unitRef="USD" decimals="-3"> -14649000 </us-gaap:StockholdersEquity>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag503" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag504" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" decimals="-3"> -2873000 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent>
<us-gaap:IncomeLossFromSubsidiariesNetOfTax id="Tag505" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> -8342000 </us-gaap:IncomeLossFromSubsidiariesNetOfTax>
<us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations id="Tag506" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations id="Tag507" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> -37650000 </us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>10.</b></font></td> <td style="width: 96%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>INCOME TAXES</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Yirendai is a company incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, Yirendai is not subject to tax on either income or capital gain.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Under the current Hong Kong Inland Revenue Ordinance, Yirendai HK is subject to <font>16.5</font>% income tax on its taxable income generated from operations in Hong Kong.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Yirendai's subsidiaries and a consolidated VIE established in the PRC are subject to income tax rate of <font>25</font>%, according to the PRC Enterprise Income Tax (<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">“EIT”</font>). The consolidated trust is not subject to income tax.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Under the EIT Law and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by foreign-invested enterprise in PRC to its foreign investors who are non-resident enterprises are subject to a 10% withholding tax, unless any such foreign investor's jurisdiction of incorporation has a tax treaty with PRC that provides for a different withholding arrangement. Under the taxation arrangement between the PRC and Hong Kong, a qualified Hong Kong tax resident which is the “beneficial owner” and directly holds 25% or more of the equity interest in a PRC resident enterprise is entitled to a reduced withholding tax rate of <font>5</font>%. The Cayman Islands, where the Company is incorporated, does not have a tax treaty with PRC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Since January 1, 2014, the relevant tax authorities of the Group's subsidiaries have not conducted a tax examination on the Group's PRC entities. In accordance with relevant PRC tax administration laws, tax years from 2014 of the Group's PRC subsidiaries and VIEs, remain subject to tax audits as of December 31, 2015, at the tax authority's discretion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Uncertainties exist with respect to how the current income tax law in the PRC applies to the Group's overall operations, and more specifically, with regard to tax residency status. The EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered residents for Chinese income tax purposes if the place of effective management or control is within the PRC. The implementation rules to the EIT Law provide that non-resident legal entities will be considered China residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc., occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Group does not believe that the legal entities organized outside of the PRC within the Group should be treated as residents for EIT law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC should be deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income taxes, at a rate of 25%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><font style="font-size: 10pt;">Income tax comprised of:</font></p> </div> </div> <div> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;"> </p> <div> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2013</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 61%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Current tax</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>5</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>48,448</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Deferred tax</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(27,992</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;">Total</td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"><font>5</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"><font>20,456</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> </table> </div> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;">Reconciliation between the income tax at PRC statutory tax rate and income tax expense is as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <div> <table style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">Year ended<br/> December 31,<br/> 2013</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">Year ended<br/> December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">Year ended<br/> December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 61%; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">(Loss)/income before provision for income taxes</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>(8,342</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>(4,492</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>64,284</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Statutory tax rate in the PRC</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>25</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">%</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>25</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">%</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>25</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Income tax at statutory tax rate</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(2,086</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(1,123</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>16,071</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Non-deductible expenses</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>17</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>16</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>5,220</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Research and Development Tax Credit</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(845</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Tax effect of tax losses not recognized</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>2,069</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>1,112</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font><font>—</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><br/></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Effect of different tax rates of subsidiaries operating in other jurisdictions</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>10</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Income tax expense</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>5</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>20,456</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;">Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the deferred tax assets are as follows:</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <div style="display: block;"> <table style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">December 31,<br/> 2014</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">December 31,<br/> 2015</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 74%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Liabilities from risk reserve fund guarantee</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>21,088</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Deferred revenue</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>4,535</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;">Accrued expenses</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: #cceeff;"><font>1,530</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Total</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>27,153</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div> </div> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;">Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. On the basis of this evaluation, as of December 31, 2014 and 2015, <font>no</font> allowance has been recorded for the deferred tax assets.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;">The authoritative guidance requires that the Group recognizes the impact of a tax position in the financial statements if that position is more likely than not of being sustained upon audit by the tax authority, based on the technical merits of the position. Under PRC laws and regulations, arrangements and transactions among related parties may be subject to examination by the PRC tax authorities. If the PRC tax authorities determine that the contractual arrangements among related companies do not represent a price under normal commercial terms, they may make adjustments to the companies' income and expenses. A transfer pricing adjustment could result in additional tax liabilities. </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;">The Group did not identify significant unrecognized tax benefits for the year ended December 31, 2013, 2014 and 2015. The Group did not incur any interest related to unrecognized tax benefits, did not recognize any penalties as income tax expenses and also does not anticipate any significant change in unrecognized tax benefits within 12 months from December 31, 2015.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;">Aggregate undistributed earnings of the Company's subsidiaries and VIEs located in the PRC that are available for distribution at December 31, 2015 are considered to be indefinitely reinvested and accordingly, <font>no</font> provision has been made for the Chinese dividend withholding taxes that would be payable upon the distribution of those amounts to any entity within the Group that is outside the PRC.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;">The Group does not have any present plan to pay any cash dividends on its ordinary shares in the foreseeable future. It intends to retain most of its available funds and any future earnings for use in the operation and expansion of its business. As of December 31, 2015, the Group has not declared any dividends.</p> </div> </div>
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<us-gaap:DeferredTaxAssetsValuationAllowance id="Tag522" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 0 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves id="Tag523" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 21088000 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves>
<us-gaap:DeferredTaxAssetsDeferredIncome id="Tag524" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 4535000 </us-gaap:DeferredTaxAssetsDeferredIncome>
<us-gaap:CashAndCashEquivalentsAtCarryingValue id="Tag525" contextRef="I2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 66490000 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%"> <tr style="vertical-align: top;"> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>5</b></font></td> <td style="width: 96%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>SHORT-TERM INVESTMENTS</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">As of December 2015, the Company's short-term investments consisted of adjustable-rate debt securities placed with banks that were classified as held-to-maturity securities. The Company measured the held-to maturity securities at amortized cost which was approximate to its fair value, with <font>no</font> gross unrecognized holding gain or loss<font style="font-size: 10pt;"> and u</font>nrealized gain in accumulated other comprehensive income. Interest income of $<font>nil</font>, $<font>nil</font> and $<font>135</font> were recognized in the consolidated statements of operations for the year ended December 31, 2013, 2014 and 2015, respectively. Fair value information about the investments as of December 31, 2014 and 2015 is as follows:<br/></p> <div> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <div> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; text-align: center; ;font-family: 'Times New Roman';" colspan="18"><font style="font-size: 10pt;">As of December 31, 2014</font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt;">Amortized cost</font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-size: 10pt;">Gross<br/> unrecognized<br/> holding gains</font></p> </td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-size: 10pt;">Gross<br/> unrecognized<br/> holding losses</font></p> </td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-size: 10pt;">Unrealized gain in</font><br/><font style="font-size: 10pt;"> accumulated other<br/> comprehensive income</font></p> </td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt;">Fair value</font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 35%; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;">Short-term investments:</font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right;"></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right;"></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;">Held-to maturity securities</font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"><br/></p> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; text-align: center; ;font-family: 'Times New Roman';" colspan="18"><font style="font-size: 10pt;">As of December 31, 2015</font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt;">Amortized cost</font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-size: 10pt;">Gross<br/> unrecognized<br/> holding gains</font></p> </td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-size: 10pt;">Gross<br/> unrecognized<br/> holding losses</font></p> </td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-size: 10pt;">Unrealized gain in</font><br/><font style="font-size: 10pt;"> accumulated other<br/> comprehensive income</font></p> </td> <td nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td> <td style="font-weight: bold; text-align: center; ;font-family: 'Times New Roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt;">Fair value</font></td> <td style="font-weight: bold; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;">Short-term investments:</font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 35%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;">Held-to maturity securities -  adjustable-rate debt securities</font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">4,632</font></font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">-</font></font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font><font style="font-size: 10pt;">4,632</font></font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div> </div> </div> </div>
</us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock>
<dei:DocumentPeriodEndDate id="Tag527" contextRef="D2015-01-01_To_2015-12-31"> 2015-12-31 </dei:DocumentPeriodEndDate>
<dei:EntityWellKnownSeasonedIssuer id="Tag528" contextRef="D2015-01-01_To_2015-12-31"> No </dei:EntityWellKnownSeasonedIssuer>
<dei:EntityCentralIndexKey id="Tag529" contextRef="D2015-01-01_To_2015-12-31"> 0001631761 </dei:EntityCentralIndexKey>
<dei:DocumentFiscalYearFocus id="Tag530" contextRef="D2015-01-01_To_2015-12-31"> 2015 </dei:DocumentFiscalYearFocus>
<dei:DocumentType id="Tag531" contextRef="D2015-01-01_To_2015-12-31"> 20-F </dei:DocumentType>
<us-gaap:CommonStockSharesAuthorized id="Tag532" contextRef="I2015-12-31_ParentCompanyMember" unitRef="Shares" decimals="INF"> 500000000 </us-gaap:CommonStockSharesAuthorized>
<us-gaap:AdditionalPaidInCapital id="Tag533" contextRef="I2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 124758000 </us-gaap:AdditionalPaidInCapital>
<us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax id="Tag534" contextRef="I2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> -3122000 </us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
<us-gaap:StockholdersEquity id="Tag535" contextRef="I2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 150827000 </us-gaap:StockholdersEquity>
<us-gaap:CommonStockSharesAuthorized id="Tag536" contextRef="I2014-12-31_ParentCompanyMember" unitRef="Shares" decimals="INF"> 500000000 </us-gaap:CommonStockSharesAuthorized>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>SCHEDULE 1-CONDENSED BALANCE SHEETS</b></p> <div> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><b>(in thousands US dollars, except share and per share data)</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Assets:</td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 74%; text-align: left; padding-left: 0.25in; ;font-family: 'Times New Roman';">Cash and cash equivalents</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>66,490</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-left: 0.25in; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Amount due from a subsidiary</td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>11,738</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in; padding-bottom: 1pt; ;font-family: 'Times New Roman';">Investments in subsidiaries and VIEs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';"><font>36,012</font></td> <td style="text-align: left; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';"><font>76,968</font></td> <td style="text-align: left; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font> </font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font> </font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman';">Total assets</td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman';"><font>36,012</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman';"><font>155,196</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';">Liabilities:</td> <td> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';"> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';"> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-left: 0.25in; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Accrued expenses and other liabilities</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>—</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>4,369</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"><font> </font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"><font> </font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Total liabilities</td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>—</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>4,369</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Equity:</td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.35in; ;font-family: 'Times New Roman';">Ordinary shares ($<font>0.0001</font> par value; <font>500,000,000</font> shares authorized, and <font>100,000,000</font> and <font>117,000,000</font> shares issued and outstanding as of December 31, 2014 and 2015)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>12</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Additional paid-in capital</td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>50,910</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>124,758</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in; ;font-family: 'Times New Roman';">Accumulated other comprehensive loss</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(249</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(3,122</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Retained (deficit)/ earnings</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>(14,649</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">)</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>29,179</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px;"><font> </font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px;"><font> </font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; width: 20px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Total equity</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>36,012</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>150,827</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"><font> </font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"><font> </font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Total liabilities and equity</td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>36,012</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>155,196</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> </table> </div> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><b> </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><b>SCHEDULE 1-CONDENSED STATEMENTS OF OPERATIONS</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><b>(in thousands US dollars, except share and per share data)</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">Year ended<br/> December 31,<br/> 2013</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">Year ended<br/> December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">Year ended<br/> December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 61%; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';">Equity in earnings of subsidiaries and VIEs</td> <td style="width: 1%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(8,342</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="width: 1%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(4,497</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="width: 1%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>43,880</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';">Operating costs and expenses</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(52</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';">Net (loss)/income</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(8,342</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(4,497</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>43,828</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Basic and diluted net (loss)/income per share</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>(0.0834</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>(0.0450</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>0.4354</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Weighted-average number of ordinary shares used in computing basic and diluted net (loss)/income per share</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>100,000,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>100,000,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>100,652,055</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><b> </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><b>SCHEDULE <font>1</font>-CONDENSED STATEMENTS OF COMPREHENSIVE INCOME OR LOSS</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><b>(in thousands US dollars, except share and per share data)</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2013</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 61%; text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;">Net (loss)/income</td> <td style="width: 1%; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(8,342</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="width: 1%; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(4,497</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="width: 1%; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>43,828</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Other comprehensive income/(loss), net of tax of nil:</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt; font-family: 'Times New Roman'; background-color: #cceeff;">Foreign currency transaction adjustments</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>49</font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(299</font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(2,873</font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Comprehensive (loss)/income</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>(8,293</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>(4,796</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>40,955</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><b> </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><b>SCHEDULE <font>1</font>-CONDENSED STATEMENTS OF CHANGES IN EQUITY</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><b>(in thousands US dollars, except share and per share data)</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <div style="display: block;"> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Ordinary<br/> shares</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Ordinary<br/> shares<br/> amount</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Additional<br/> paid-in<br/> capital</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Accumulated<br/> other<br/> comprehensive<br/> income/(loss)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Retained<br/> (deficit)/ <br/>earnings</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Total<br/> equity</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 22%; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Balance as of December 31, 2012</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>100,000,000</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>1,863</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>1</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(1,810</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>54</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Capital contribution by owner</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';">—</td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>11,397</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>11,397</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Foreign currency transaction adjustments</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;">—</td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>49</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>49</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; ;font-family: 'Times New Roman';">Net loss</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';">—</td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(8,342</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(8,342</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Balance as of December 31, 2013</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>100,000,000</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>13,260</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>50</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(10,152</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>3,158</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Capital contribution by owner</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';">—</td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>37,650</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>37,650</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Foreign currency transaction adjustments</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;">—</td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(299</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(299</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> Net loss</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';">—</td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(4,497</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(4,497</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Balance as of December 31, 2014</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>100,000,000</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>50,910</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(249</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(14,649</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>36,012</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Issuance of shares on June, 25, 2015</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>10</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>10</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Issuance of ordinary shares upon initial public offering (“IPO”), net of offering costs of $<font>4,900</font></td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>15,000,000</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>2</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>64,848</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>64,850</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Issuance of ordinary shares for concurrent private placement, net of costs of $<font>1,000</font></td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>2,000,000</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>9,000</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>9,000</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> Foreign currency transaction adjustments</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;">—</td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(2,873</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(2,873</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> Net income</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';">—</td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>43,828</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>43,828</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Balance as of December 31, 2015</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>117,000,000</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>12</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>124,758</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(3,122</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>29,179</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>150,827</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> </table> </div> </div> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><b> </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><b>SCHEDULE <font>1</font>-CONDENSED STATEMENTS of CASH FLOW</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><b>(in thousands US dollars, except share and per share data)</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2013</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Cash Flows from Operating Activities:</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 61%; text-align: left; padding-left: 0.25in; ;font-family: 'Times New Roman';">Net (loss)/income</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>(8,342</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>(4,497</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>43,828</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in; ;font-family: 'Times New Roman';">Adjustments to reconcile net (loss)/income to net cash used in operating activities:</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 0.5in; ;font-family: 'Times New Roman';">Equity in earnings of subsidiaries and VIEs</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>8,342</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>4,497</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(43,880</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 0.25in; ;font-family: 'Times New Roman';">Changes in operating liabilities:</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.5in; ;font-family: 'Times New Roman';">Accrued expenses and other current liabilities</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>1,135</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Net cash used in operating activities</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>1,083</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Cash Flows from Investing Activities:</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 0.25in; ;font-family: 'Times New Roman';">Amounts due from subsidiaries</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(11,738</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; ;font-family: 'Times New Roman';">Investment in a subsidiary</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(11,397</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(37,650</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Net cash used in other investing activities</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(11,397</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(37,650</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(11,738</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Cash Flows from Financing Activities:</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 0.25in; ;font-family: 'Times New Roman';">Cash contribution from owner</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>11,397</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>37,650</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>10</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 0.25in; ;font-family: 'Times New Roman';">Proceeds from initial public offering, net of offering cost</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>68,219</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; ;font-family: 'Times New Roman';">Proceeds from concurrent private placement, net of offering cost</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>9,000</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Net cash provided by financing activities</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>11,397</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>37,650</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>77,229</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Effect of foreign exchange rate changes</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(84</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Net increase in cash and cash equivalents</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>66,490</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Cash and cash equivalents, beginning of year</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Cash and cash equivalents, end of year</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>66,490</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"><b> </b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"><b>SCHEDULE 1-NOTES TO CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.3in; line-height: 107%; ;font-family: 'Times New Roman';"><b>1.</b></td> <td style="line-height: 107%; ;font-family: 'Times New Roman';"><b>BASIS FOR PREPARATION</b></td> </tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;">The condensed financial information of Yirendai Ltd. (“Yirendai”) has been prepared using the same accounting policies as set out in Yirendai's consolidated financial statements, except that Yirendai used the equity method to account for investments in its subsidiaries and variable interest entities.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0;"> </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.3in; line-height: 107%; ;font-family: 'Times New Roman';"><b>2.</b></td> <td style="line-height: 107%; ;font-family: 'Times New Roman';"><b>INVESTMENTS IN SUBSIDIARIES AND VIES</b></td> </tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;">Yirendai, its subsidiaries and variable interest entities are included in the consolidated financial statements where the inter-company balances and transactions are eliminated upon consolidation. For the purpose of the Yirendai stand-alone financial statements, its investments in subsidiaries and variable interest entities are reported using the equity method of accounting. The Company's share of income and losses from its subsidiaries and variable interest entities are reported as earnings from subsidiaries and variable interest entities in the accompanying condensed financial information of the Yirendai.</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;"> </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.3in; line-height: 107%; ;font-family: 'Times New Roman';"><b>3.</b></td> <td style="line-height: 107%; ;font-family: 'Times New Roman';"><b>AMOUNT DUE FROM A SUBSIDIARY</b></td> </tr> </table> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in;">Amount due from a subsidiary represents an interest-free, unsecured and repayable on demand loan provided to Yirendai HK.</p> </div> </div>
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<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock id="Tag569" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">Year ended<br/> December 31,<br/> 2013</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">Year ended<br/> December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">Year ended<br/> December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 61%; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">(Loss)/income before provision for income taxes</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>(8,342</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>(4,492</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>64,284</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Statutory tax rate in the PRC</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>25</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">%</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>25</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">%</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>25</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">%</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Income tax at statutory tax rate</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(2,086</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(1,123</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>16,071</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Non-deductible expenses</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>17</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>16</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>5,220</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Research and Development Tax Credit</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(845</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Tax effect of tax losses not recognized</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>2,069</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>1,112</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font><font>—</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"><br/></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Effect of different tax rates of subsidiaries operating in other jurisdictions</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>10</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Income tax expense</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>5</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>20,456</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div>
</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate id="Tag570" contextRef="D2013-01-01_To_2013-12-31" unitRef="Pure" decimals="2"> 0.25 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:IncomeTaxReconciliationTaxCreditsResearch id="Tag571" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:IncomeTaxExpenseBenefit id="Tag572" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 20456000 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:DeferredTaxAssetsTaxDeferredExpense id="Tag573" contextRef="I2014-12-31" unitRef="USD" xsi:nil="true"/>
<yrd:CapitalContributions id="Tag574" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 37650000 </yrd:CapitalContributions>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag575" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember_RetainedEarningsMember" unitRef="USD" xsi:nil="true"/>
<yrd:StockIssuedDuringPeriodValueStockSplit id="Tag576" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 10000 </yrd:StockIssuedDuringPeriodValueStockSplit>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues id="Tag577" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_CommonStockMember" unitRef="Shares" decimals="INF"> 15000000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues id="Tag578" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_RetainedEarningsMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss id="Tag579" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_RetainedEarningsMember" unitRef="USD" decimals="-3"> 43828000 </us-gaap:NetIncomeLoss>
<us-gaap:StockholdersEquity id="Tag580" contextRef="I2015-12-31_ParentCompanyMember_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 124758000 </us-gaap:StockholdersEquity>
<yrd:StockIssuedDuringPeriodValuePrivatePlacement id="Tag581" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:ScheduleOfCondensedBalanceSheetTableTextBlock id="Tag582" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Assets:</td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 74%; text-align: left; padding-left: 0.25in; ;font-family: 'Times New Roman';">Cash and cash equivalents</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>66,490</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-left: 0.25in; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Amount due from a subsidiary</td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>11,738</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.25in; padding-bottom: 1pt; ;font-family: 'Times New Roman';">Investments in subsidiaries and VIEs</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';"><font>36,012</font></td> <td style="text-align: left; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 1pt solid; ;font-family: 'Times New Roman';"><font>76,968</font></td> <td style="text-align: left; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font> </font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font> </font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman';">Total assets</td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman';"><font>36,012</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman';"><font>155,196</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman';">Liabilities:</td> <td> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';"> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';"> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-left: 0.25in; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Accrued expenses and other liabilities</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>—</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>4,369</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"><font> </font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"><font> </font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Total liabilities</td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>—</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>4,369</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Equity:</td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.35in; ;font-family: 'Times New Roman';">Ordinary shares ($<font>0.0001</font> par value; <font>500,000,000</font> shares authorized, and <font>100,000,000</font> and <font>117,000,000</font> shares issued and outstanding as of December 31, 2014 and 2015)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>12</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Additional paid-in capital</td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>50,910</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>124,758</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in; ;font-family: 'Times New Roman';">Accumulated other comprehensive loss</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(249</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(3,122</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Retained (deficit)/ earnings</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>(14,649</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">)</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>29,179</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px;"><font> </font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; width: 20px;"><font> </font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; width: 20px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Total equity</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>36,012</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>150,827</font></td> <td style="text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"><font> </font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; width: 20px;"><font> </font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; width: 20px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">Total liabilities and equity</td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>36,012</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font>155,196</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"> </td> </tr> </table> </div>
</us-gaap:ScheduleOfCondensedBalanceSheetTableTextBlock>
<us-gaap:ScheduleOfCondensedIncomeStatementTableTextBlock id="Tag583" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">Year ended<br/> December 31,<br/> 2013</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">Year ended<br/> December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">Year ended<br/> December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 61%; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';">Equity in earnings of subsidiaries and VIEs</td> <td style="width: 1%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(8,342</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="width: 1%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(4,497</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="width: 1%; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>43,880</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';">Operating costs and expenses</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(52</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';">Net (loss)/income</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(8,342</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(4,497</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>43,828</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Basic and diluted net (loss)/income per share</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>(0.0834</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>(0.0450</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>0.4354</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -0.1in; padding-left: 0.1in; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.1in; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Weighted-average number of ordinary shares used in computing basic and diluted net (loss)/income per share</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>100,000,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>100,000,000</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>100,652,055</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div>
</us-gaap:ScheduleOfCondensedIncomeStatementTableTextBlock>
<us-gaap:CondensedStatementOfComprehensiveIncomeTableTextBlock id="Tag584" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2013</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 61%; text-align: left; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;">Net (loss)/income</td> <td style="width: 1%; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(8,342</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="width: 1%; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(4,497</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="width: 1%; padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>43,828</font></td> <td style="width: 1%; padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; ;font-family: 'Times New Roman';">Other comprehensive income/(loss), net of tax of nil:</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt; font-family: 'Times New Roman'; background-color: #cceeff;">Foreign currency transaction adjustments</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>49</font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(299</font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="padding-bottom: 1pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(2,873</font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Comprehensive (loss)/income</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>(8,293</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>(4,796</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>40,955</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div>
</us-gaap:CondensedStatementOfComprehensiveIncomeTableTextBlock>
<us-gaap:ScheduleOfCondensedCashFlowStatementTableTextBlock id="Tag585" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2013</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Year ended<br/> December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Cash Flows from Operating Activities:</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 61%; text-align: left; padding-left: 0.25in; ;font-family: 'Times New Roman';">Net (loss)/income</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>(8,342</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>(4,497</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 10%; text-align: right; ;font-family: 'Times New Roman';"><font>43,828</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 0.35in; ;font-family: 'Times New Roman';">Adjustments to reconcile net (loss)/income to net cash used in operating activities:</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 0.5in; ;font-family: 'Times New Roman';">Equity in earnings of subsidiaries and VIEs</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>8,342</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>4,497</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(43,880</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 0.25in; ;font-family: 'Times New Roman';">Changes in operating liabilities:</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.5in; ;font-family: 'Times New Roman';">Accrued expenses and other current liabilities</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>1,135</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Net cash used in operating activities</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>1,083</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Cash Flows from Investing Activities:</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 0.25in; ;font-family: 'Times New Roman';">Amounts due from subsidiaries</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>(11,738</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; ;font-family: 'Times New Roman';">Investment in a subsidiary</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(11,397</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(37,650</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Net cash used in other investing activities</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(11,397</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(37,650</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(11,738</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Cash Flows from Financing Activities:</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-left: 0.25in; ;font-family: 'Times New Roman';">Cash contribution from owner</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>11,397</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>37,650</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>10</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-left: 0.25in; ;font-family: 'Times New Roman';">Proceeds from initial public offering, net of offering cost</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>68,219</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; ;font-family: 'Times New Roman';">Proceeds from concurrent private placement, net of offering cost</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>9,000</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Net cash provided by financing activities</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>11,397</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>37,650</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>77,229</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Effect of foreign exchange rate changes</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(84</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Net increase in cash and cash equivalents</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>66,490</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Cash and cash equivalents, beginning of year</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: right; ;font-family: 'Times New Roman';"> </td> <td style="font-size: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';">Cash and cash equivalents, end of year</td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: left; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; border-bottom: Black 2.5pt double; ;font-family: 'Times New Roman';"><font>66,490</font></td> <td style="text-align: left; padding-bottom: 2.5pt; ;font-family: 'Times New Roman';"> </td> </tr> </table> </div>
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<us-gaap:Assets id="Tag587" contextRef="I2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 155196000 </us-gaap:Assets>
<us-gaap:CommonStockParOrStatedValuePerShare id="Tag588" contextRef="I2015-12-31_ParentCompanyMember" unitRef="USDPerShare" decimals="4"> 0.0001 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:RetainedEarningsAccumulatedDeficit id="Tag589" contextRef="I2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 29179000 </us-gaap:RetainedEarningsAccumulatedDeficit>
<us-gaap:LiabilitiesAndStockholdersEquity id="Tag590" contextRef="I2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 36012000 </us-gaap:LiabilitiesAndStockholdersEquity>
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<us-gaap:NetIncomeLoss id="Tag593" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember_RetainedEarningsMember" unitRef="USD" decimals="-3"> -8342000 </us-gaap:NetIncomeLoss>
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<yrd:StockIssuedDuringPeriodValuePrivatePlacement id="Tag595" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 9000000 </yrd:StockIssuedDuringPeriodValuePrivatePlacement>
<us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations id="Tag596" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 1083000 </us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>
<us-gaap:ProceedsFromIssuanceInitialPublicOffering id="Tag597" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 68219000 </us-gaap:ProceedsFromIssuanceInitialPublicOffering>
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<us-gaap:HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss id="Tag599" contextRef="I2014-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:CurrentIncomeTaxExpenseBenefit id="Tag600" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" xsi:nil="true"/>
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<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments id="Tag602" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> -8342000 </us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
<us-gaap:IncomeTaxReconciliationNondeductibleExpense id="Tag603" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 16000 </us-gaap:IncomeTaxReconciliationNondeductibleExpense>
<us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent id="Tag604" contextRef="I2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 4369000 </us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent>
<us-gaap:CommonStockSharesOutstanding id="Tag605" contextRef="I2015-12-31_ParentCompanyMember" unitRef="Shares" decimals="INF"> 117000000 </us-gaap:CommonStockSharesOutstanding>
<us-gaap:IncomeLossFromSubsidiariesNetOfTax id="Tag606" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> -4497000 </us-gaap:IncomeLossFromSubsidiariesNetOfTax>
<us-gaap:StockholdersEquity id="Tag607" contextRef="I2012-12-31_ParentCompanyMember_RetainedEarningsMember" unitRef="USD" decimals="-3"> -1810000 </us-gaap:StockholdersEquity>
<us-gaap:StockholdersEquity id="Tag608" contextRef="I2013-12-31_ParentCompanyMember_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockholdersEquity id="Tag609" contextRef="I2013-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 3158000 </us-gaap:StockholdersEquity>
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<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag611" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss id="Tag612" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember_RetainedEarningsMember" unitRef="USD" decimals="-3"> -4497000 </us-gaap:NetIncomeLoss>
<us-gaap:StockholdersEquity id="Tag613" contextRef="I2014-12-31_ParentCompanyMember_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" decimals="-3"> -249000 </us-gaap:StockholdersEquity>
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<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag615" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag616" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> -2873000 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent>
<us-gaap:NetIncomeLoss id="Tag617" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" xsi:nil="true"/>
<yrd:StockIssuedDuringPeriodValuePrivatePlacement id="Tag618" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 9000000 </yrd:StockIssuedDuringPeriodValuePrivatePlacement>
<us-gaap:NetIncomeLoss id="Tag619" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> -8342000 </us-gaap:NetIncomeLoss>
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<us-gaap:ProceedsFromIssuanceInitialPublicOffering id="Tag621" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations id="Tag622" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 77229000 </us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
<yrd:AdjustmentsToAdditionalPaidInCapitalPrivatePlacementIssuanceCosts id="Tag623" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 1000000 </yrd:AdjustmentsToAdditionalPaidInCapitalPrivatePlacementIssuanceCosts>
<us-gaap:HeldToMaturitySecurities id="Tag624" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 4632000 </us-gaap:HeldToMaturitySecurities>
<us-gaap:CurrentIncomeTaxExpenseBenefit id="Tag625" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 5000 </us-gaap:CurrentIncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate id="Tag626" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 16071000 </us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate>
<us-gaap:IncomeTaxReconciliationNondeductibleExpense id="Tag627" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 5220000 </us-gaap:IncomeTaxReconciliationNondeductibleExpense>
<us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential id="Tag628" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:DeferredTaxAssetsGross id="Tag629" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 27153000 </us-gaap:DeferredTaxAssetsGross>
<us-gaap:DueFromRelatedParties id="Tag630" contextRef="I2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 11738000 </us-gaap:DueFromRelatedParties>
<us-gaap:CommonStockSharesIssued id="Tag631" contextRef="I2015-12-31_ParentCompanyMember" unitRef="Shares" decimals="INF"> 117000000 </us-gaap:CommonStockSharesIssued>
<us-gaap:ComprehensiveIncomeNetOfTax id="Tag632" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> -4796000 </us-gaap:ComprehensiveIncomeNetOfTax>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag633" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockholdersEquity id="Tag634" contextRef="I2014-12-31_ParentCompanyMember_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 50910000 </us-gaap:StockholdersEquity>
<us-gaap:StockIssuedDuringPeriodValueNewIssues id="Tag635" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 64848000 </us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:ComprehensiveIncomeNetOfTax id="Tag636" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 40955000 </us-gaap:ComprehensiveIncomeNetOfTax>
<us-gaap:DeferredTaxAssetsValuationAllowance id="Tag637" contextRef="I2014-12-31" unitRef="USD" decimals="-3"> 0 </us-gaap:DeferredTaxAssetsValuationAllowance>
<dei:CurrentFiscalYearEndDate id="Tag638" contextRef="D2015-01-01_To_2015-12-31"> --12-31 </dei:CurrentFiscalYearEndDate>
<yrd:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRate id="Tag639" contextRef="I2015-12-31" unitRef="Pure" decimals="3"> 0.165 </yrd:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRate>
<us-gaap:ComprehensiveIncomeNetOfTax id="Tag640" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> -8293000 </us-gaap:ComprehensiveIncomeNetOfTax>
<us-gaap:InvestmentIncomeInterest id="Tag641" contextRef="D2015-01-01_To_2015-12-31_DebtSecuritiesMember" unitRef="USD" decimals="-3"> 135000 </us-gaap:InvestmentIncomeInterest>
<us-gaap:HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain id="Tag642" contextRef="I2015-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:HeldToMaturitySecuritiesContinuousUnrealizedLossPositionAccumulatedLoss id="Tag643" contextRef="I2015-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:DeferredIncomeTaxExpenseBenefit id="Tag644" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate id="Tag645" contextRef="D2014-01-01_To_2014-12-31" unitRef="Pure" decimals="2"> 0.25 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate id="Tag646" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> -2086000 </us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate>
<us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate id="Tag647" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> -1123000 </us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate>
<us-gaap:IncomeTaxReconciliationNondeductibleExpense id="Tag648" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 17000 </us-gaap:IncomeTaxReconciliationNondeductibleExpense>
<us-gaap:IncomeTaxReconciliationTaxCreditsResearch id="Tag649" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:IncomeTaxReconciliationTaxCreditsResearch id="Tag650" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 845000 </us-gaap:IncomeTaxReconciliationTaxCreditsResearch>
<us-gaap:IncomeTaxReconciliationTaxContingencies id="Tag651" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 2069000 </us-gaap:IncomeTaxReconciliationTaxContingencies>
<us-gaap:IncomeTaxReconciliationTaxContingencies id="Tag652" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 1112000 </us-gaap:IncomeTaxReconciliationTaxContingencies>
<us-gaap:IncomeTaxReconciliationTaxContingencies id="Tag653" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential id="Tag654" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential id="Tag655" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 10000 </us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential>
<us-gaap:DeferredTaxAssetsDeferredIncome id="Tag656" contextRef="I2014-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:DeferredTaxAssetsTaxDeferredExpense id="Tag657" contextRef="I2015-12-31" unitRef="USD" decimals="-3"> 1530000 </us-gaap:DeferredTaxAssetsTaxDeferredExpense>
<us-gaap:DeferredTaxAssetsGross id="Tag658" contextRef="I2014-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock id="Tag659" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2013</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 61%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Current tax</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>5</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>48,448</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Deferred tax</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(27,992</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-left: 10pt; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;">Total</td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"><font>5</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'Times New Roman'; background-color: #cceeff;"><font>20,456</font></td> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> </table> </div>
</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
<us-gaap:Assets id="Tag660" contextRef="I2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 36012000 </us-gaap:Assets>
<us-gaap:Liabilities id="Tag661" contextRef="I2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 4369000 </us-gaap:Liabilities>
<us-gaap:CommonStockValue id="Tag662" contextRef="I2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 12000 </us-gaap:CommonStockValue>
<us-gaap:AdditionalPaidInCapital id="Tag663" contextRef="I2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 50910000 </us-gaap:AdditionalPaidInCapital>
<us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax id="Tag664" contextRef="I2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> -249000 </us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
<us-gaap:RetainedEarningsAccumulatedDeficit id="Tag665" contextRef="I2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> -14649000 </us-gaap:RetainedEarningsAccumulatedDeficit>
<us-gaap:LiabilitiesAndStockholdersEquity id="Tag666" contextRef="I2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 155196000 </us-gaap:LiabilitiesAndStockholdersEquity>
<us-gaap:IncomeLossFromSubsidiariesNetOfTax id="Tag667" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 43880000 </us-gaap:IncomeLossFromSubsidiariesNetOfTax>
<us-gaap:OperatingExpenses id="Tag668" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:OperatingExpenses id="Tag669" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:OperatingExpenses id="Tag670" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 52000 </us-gaap:OperatingExpenses>
<us-gaap:EarningsPerShareBasicAndDiluted id="Tag671" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember" unitRef="USDPerShare" decimals="4"> -0.0450 </us-gaap:EarningsPerShareBasicAndDiluted>
<us-gaap:EarningsPerShareBasicAndDiluted id="Tag672" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USDPerShare" decimals="4"> 0.4354 </us-gaap:EarningsPerShareBasicAndDiluted>
<us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted id="Tag673" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember" unitRef="Shares" decimals="INF"> 100000000 </us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
<us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted id="Tag674" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="Shares" decimals="INF"> 100652055 </us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag675" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> -299000 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent>
<us-gaap:ComprehensiveIncomeNetOfTax id="Tag676" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> -8293000 </us-gaap:ComprehensiveIncomeNetOfTax>
<us-gaap:ComprehensiveIncomeNetOfTax id="Tag677" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 40955000 </us-gaap:ComprehensiveIncomeNetOfTax>
<us-gaap:StockholdersEquity id="Tag678" contextRef="I2012-12-31_ParentCompanyMember_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockholdersEquity id="Tag679" contextRef="I2012-12-31_ParentCompanyMember_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" decimals="-3"> 1000 </us-gaap:StockholdersEquity>
<us-gaap:StockholdersEquity id="Tag680" contextRef="I2012-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 54000 </us-gaap:StockholdersEquity>
<yrd:CapitalContributions id="Tag681" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 11397000 </yrd:CapitalContributions>
<yrd:CapitalContributions id="Tag682" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" xsi:nil="true"/>
<yrd:CapitalContributions id="Tag683" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 11397000 </yrd:CapitalContributions>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag684" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag685" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" decimals="-3"> 49000 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag686" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember_RetainedEarningsMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss id="Tag687" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss id="Tag688" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockholdersEquity id="Tag689" contextRef="I2013-12-31_ParentCompanyMember_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3"> 13260000 </us-gaap:StockholdersEquity>
<yrd:CapitalContributions id="Tag690" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<yrd:CapitalContributions id="Tag691" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 37650000 </yrd:CapitalContributions>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent id="Tag692" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss id="Tag693" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss id="Tag694" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:CommonStockSharesOutstanding id="Tag695" contextRef="I2014-12-31_ParentCompanyMember_CommonStockMember" unitRef="Shares" decimals="INF"> 100000000 </us-gaap:CommonStockSharesOutstanding>
<us-gaap:StockholdersEquity id="Tag696" contextRef="I2014-12-31_ParentCompanyMember_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<yrd:StockIssuedDuringPeriodValueStockSplit id="Tag697" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_CommonStockMember" unitRef="USD" decimals="-3"> 10000 </yrd:StockIssuedDuringPeriodValueStockSplit>
<yrd:StockIssuedDuringPeriodValueStockSplit id="Tag698" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_RetainedEarningsMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts id="Tag699" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 4900000 </us-gaap:AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts>
<us-gaap:StockIssuedDuringPeriodValueNewIssues id="Tag700" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_CommonStockMember" unitRef="USD" decimals="-3"> 2000 </us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues id="Tag701" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_AccumulatedDistributionsInExcessOfNetIncomeMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockIssuedDuringPeriodValueNewIssues id="Tag702" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 64850000 </us-gaap:StockIssuedDuringPeriodValueNewIssues>
<yrd:StockIssuedDuringPeriodValuePrivatePlacement id="Tag703" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<yrd:StockIssuedDuringPeriodValuePrivatePlacement id="Tag704" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_RetainedEarningsMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss id="Tag705" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockholdersEquity id="Tag706" contextRef="I2015-12-31_ParentCompanyMember_CommonStockMember" unitRef="USD" decimals="-3"> 12000 </us-gaap:StockholdersEquity>
<us-gaap:StockholdersEquity id="Tag707" contextRef="I2015-12-31_ParentCompanyMember_RetainedEarningsMember" unitRef="USD" decimals="-3"> 29179000 </us-gaap:StockholdersEquity>
<us-gaap:PaymentsForAdvanceToAffiliate id="Tag708" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:PaymentsForAdvanceToAffiliate id="Tag709" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 11738000 </us-gaap:PaymentsForAdvanceToAffiliate>
<us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries id="Tag710" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 11397000 </us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries>
<yrd:ProceedsFromOwnerContribution id="Tag711" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 37650000 </yrd:ProceedsFromOwnerContribution>
<yrd:ProceedsFromOwnerContribution id="Tag712" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 10000 </yrd:ProceedsFromOwnerContribution>
<us-gaap:ProceedsFromIssuanceOfPrivatePlacement id="Tag713" contextRef="D2015-01-01_To_2015-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 9000000 </us-gaap:ProceedsFromIssuanceOfPrivatePlacement>
<us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations id="Tag714" contextRef="D2014-01-01_To_2014-12-31_ParentCompanyMember" unitRef="USD" decimals="-3"> 37650000 </us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
<us-gaap:EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations id="Tag715" contextRef="D2013-01-01_To_2013-12-31_ParentCompanyMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:CashAndCashEquivalentsAtCarryingValue id="Tag716" contextRef="I2012-12-31_ParentCompanyMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:DueToRelatedPartiesCurrentAndNoncurrent id="Tag717" contextRef="I2015-12-31_PuxinHengyeMember" unitRef="USD" decimals="-3"> 37000 </us-gaap:DueToRelatedPartiesCurrentAndNoncurrent>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty id="Tag718" contextRef="D2015-01-01_To_2015-12-31_CreditEaseMember_ProvisionOfCollectionServiceMember" unitRef="USD" decimals="-3"> 537000 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<yrd:CondensedStatementOfChangesInEquityTableTextBlock id="Tag719" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Ordinary<br/> shares</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Ordinary<br/> shares<br/> amount</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Additional<br/> paid-in<br/> capital</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Accumulated<br/> other<br/> comprehensive<br/> income/(loss)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Retained<br/> (deficit)/ <br/>earnings</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2">Total<br/> equity</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 22%; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Balance as of December 31, 2012</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>100,000,000</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>1,863</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>1</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(1,810</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 10%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>54</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Capital contribution by owner</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';">—</td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>11,397</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>11,397</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Foreign currency transaction adjustments</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;">—</td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>49</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>49</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; ;font-family: 'Times New Roman';">Net loss</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';">—</td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(8,342</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(8,342</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Balance as of December 31, 2013</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>100,000,000</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>13,260</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>50</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(10,152</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>3,158</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Capital contribution by owner</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';">—</td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>37,650</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>37,650</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Foreign currency transaction adjustments</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;">—</td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(299</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(299</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> Net loss</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';">—</td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(4,497</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>(4,497</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';">)</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Balance as of December 31, 2014</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>100,000,000</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>50,910</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(249</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(14,649</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>36,012</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Issuance of shares on June, 25, 2015</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>10</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>10</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Issuance of ordinary shares upon initial public offering (“IPO”), net of offering costs of $<font>4,900</font></td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>15,000,000</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>2</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>64,848</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>64,850</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Issuance of ordinary shares for concurrent private placement, net of costs of $<font>1,000</font></td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>2,000,000</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>9,000</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>9,000</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> Foreign currency transaction adjustments</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;">—</td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(2,873</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>—</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(2,873</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; ;font-family: 'Times New Roman';"> Net income</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';">—</td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>43,828</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>43,828</font></td> <td style="padding-bottom: 1pt; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Balance as of December 31, 2015</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>117,000,000</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>12</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>124,758</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>(3,122</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;">)</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>29,179</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>150,827</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> </table> </div> </div>
</yrd:CondensedStatementOfChangesInEquityTableTextBlock>
<us-gaap:CommonStockParOrStatedValuePerShare id="Tag720" contextRef="I2014-12-31_ParentCompanyMember" unitRef="USDPerShare" decimals="4"> 0.0001 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:CommonStockSharesOutstanding id="Tag721" contextRef="I2014-12-31_ParentCompanyMember" unitRef="Shares" decimals="INF"> 100000000 </us-gaap:CommonStockSharesOutstanding>
<yrd:PostOriginationServiceRevenue id="Tag722" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 4311000 </yrd:PostOriginationServiceRevenue>
<yrd:OriginationAndServicingCosts id="Tag723" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 15549000 </yrd:OriginationAndServicingCosts>
<us-gaap:OperatingExpenses id="Tag724" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 145567000 </us-gaap:OperatingExpenses>
<us-gaap:DueFromRelatedParties id="Tag725" contextRef="I2014-12-31_CreditEaseZhuoyueMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:DueFromRelatedParties id="Tag726" contextRef="I2015-12-31_CreditEaseZhuoyueMember" unitRef="USD" decimals="-3"> 3000 </us-gaap:DueFromRelatedParties>
<us-gaap:InvestmentIncomeNet id="Tag727" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 763000 </us-gaap:InvestmentIncomeNet>
<us-gaap:DueFromRelatedParties id="Tag728" contextRef="I2014-12-31_BeijingZhichengMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:DueFromRelatedParties id="Tag729" contextRef="I2015-12-31_BeijingZhichengMember" unitRef="USD" decimals="-3"> 16000 </us-gaap:DueFromRelatedParties>
<us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock id="Tag730" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 4%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(i)</font></td> <td style="vertical-align: top; width: 92%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Amounts due from related parties</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 11%;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Tian Da Xin An (Note a)</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 14%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>5,489</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 14%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>3,208</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">CreditEase Huimin (Note b)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>10,158</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Beijing Zhicheng</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"> <font><font>—</font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>16</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">CreditEase Zhuoyue</td> <td> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';"> <font><font>—</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';"><font>3</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Hainan CreditEase </td> <td style="width: 20px; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"> <font><font>—</font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 20px; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font> <font>31</font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Total</td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right; ;font-family: 'Times New Roman';"><font>5,489</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right; ;font-family: 'Times New Roman';"><font>13,416</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 8%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 5%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(a)</font></td> <td style="vertical-align: top; width: 87%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Under the guarantee model, for providing the guarantee service to the investors on the principle and interest, Tian Da Xin An charges the investors at a rate of <font>10</font>% based on monthly interest on loans as servicing fee, which is to be collected by the Group on behalf of the guarantee company. The Group pays the investors the principal and interest on loans that default, and collects from Tian Da Xin An the associated unpaid transaction fee in accordance with the guarantee arrangement (see Note <font>2</font>, Revenue from loan facilitation services). The balance of amount due from Tian Da Xin An as of December 31, 2014 and 2015 represents the net amount of services fee payable and the receivable amount arising from guarantee fee, principal and interest on loans that defaulted as well as the associated unpaid uncollectible transaction fee.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 8%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 5%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(b)</font></td> <td style="vertical-align: top; width: 87%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Amount due from CreditEase Huimin as of December 31, 2015 mainly represents the transactions fees and services fees received by CreditEase Huimin through the external payment network on behalf of the Group before carve-out.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">  </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 4%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(ii)</font></td> <td style="vertical-align: top; width: 92%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Amounts due to related parties</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 11%;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">CreditEase Puhui (Notes a and b)</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 14%; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 14%; text-align: right; ;font-family: 'Times New Roman';"><font>527</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Puxin Hengye (Note a)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>37</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Pucheng Credit (Note a)</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>2</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Total</td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right; ;font-family: 'Times New Roman';"><font>566</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 8%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 5%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(a)</font></td> <td style="vertical-align: top; width: 87%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Amounts due to related parties represented the provision of credit assessment, collection, system support, investors acquisition and referral and identity verification services by the related parties to Heng Cheng and Heng Ye as of December 31, 2015. Heng Cheng and Heng Ye operated as standalone entities since January 2015 and did not rely on the corporate cash management program of CreditEase.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 8%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 5%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(b)</font></td> <td style="vertical-align: top; width: 87%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Since April 2015, the Group also provides borrower acquisition and referral service to CreditEase Puhui, receivables from CreditEase Puhui in relation to provision of borrower acquisition and referral service is netted off with amount due to CreditEase Puhui.</font></td> </tr> </table> </div>
</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty id="Tag731" contextRef="D2014-01-01_To_2014-12-31_CreditEaseMember_BorrowersAndInvestorsAcquisitionAndReferralFeeMember" unitRef="USD" decimals="-3"> 12329000 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty id="Tag732" contextRef="D2014-01-01_To_2014-12-31_CreditEaseMember_SystemReportingMember" unitRef="USD" decimals="-3"> 1694000 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:DueFromRelatedParties id="Tag733" contextRef="I2015-12-31_HainanCreditEaseMember" unitRef="USD" decimals="-3"> 31000 </us-gaap:DueFromRelatedParties>
<us-gaap:MarketableSecuritiesEquitySecurities id="Tag734" contextRef="I2016-04-22_SubsequentEventMember_ZheHaoShanghaiAssetManagementCompanyMember" unitRef="USD" decimals="-5"> 10400000 </us-gaap:MarketableSecuritiesEquitySecurities>
<us-gaap:VariableInterestEntityOwnershipPercentage id="Tag735" contextRef="D2015-01-01_To_2015-12-31_ZheHaoShanghaiAssetManagementCompanyMember_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember" unitRef="Pure" decimals="2"> 1.00 </us-gaap:VariableInterestEntityOwnershipPercentage>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty id="Tag736" contextRef="D2013-01-01_To_2013-12-31_CreditEaseMember_BorrowersAndInvestorsAcquisitionAndReferralFeeMember" unitRef="USD" decimals="-3"> 1328000 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty id="Tag737" contextRef="D2013-01-01_To_2013-12-31_CreditEaseMember_SystemReportingMember" unitRef="USD" decimals="-3"> 781000 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:SalesRevenueNet id="Tag738" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 3131000 </us-gaap:SalesRevenueNet>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty id="Tag739" contextRef="D2013-01-01_To_2013-12-31_CreditEaseMember" unitRef="USD" decimals="-3"> 2301000 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:SellingAndMarketingExpense id="Tag740" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 5220000 </us-gaap:SellingAndMarketingExpense>
<us-gaap:MarketableSecuritiesEquitySecurities id="Tag741" contextRef="I2016-04-22_SubsequentEventMember" unitRef="CNY" decimals="-5"> 47500000 </us-gaap:MarketableSecuritiesEquitySecurities>
<us-gaap:MarketableSecuritiesEquitySecurities id="Tag742" contextRef="I2016-04-22_SubsequentEventMember" unitRef="USD" decimals="-5"> 7300000 </us-gaap:MarketableSecuritiesEquitySecurities>
<us-gaap:SalesRevenueNet id="Tag743" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 31893000 </us-gaap:SalesRevenueNet>
<us-gaap:OperatingExpenses id="Tag744" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 36385000 </us-gaap:OperatingExpenses>
<us-gaap:DueFromRelatedParties id="Tag745" contextRef="I2015-12-31_TianDaXinAnMember" unitRef="USD" decimals="-3"> 3208000 </us-gaap:DueFromRelatedParties>
<us-gaap:RevenueFromRelatedParties id="Tag746" contextRef="D2015-01-01_To_2015-12-31_CreditEasePuhuiMember_BorrowerAcquisitionAndReferralServicesMember" unitRef="USD" decimals="-3"> 471000 </us-gaap:RevenueFromRelatedParties>
<us-gaap:DueFromRelatedParties id="Tag747" contextRef="I2014-12-31_HainanCreditEaseMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:MarketableSecuritiesEquitySecurities id="Tag748" contextRef="I2016-04-22_SubsequentEventMember_ZheHaoShanghaiAssetManagementCompanyMember" unitRef="CNY" decimals="-5"> 67500000 </us-gaap:MarketableSecuritiesEquitySecurities>
<yrd:PostOriginationServiceRevenue id="Tag749" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 405000 </yrd:PostOriginationServiceRevenue>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock id="Tag750" contextRef="D2015-01-01_To_2015-12-31">
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>9.</b></font></td> <td style="width: 96%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>RELATED PARTY BALANCES AND TRANSACTIONS</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Prior to establishment of the Group and the transfer of Yirendai Business, CreditEase has provided the Yirendai Business with origination and servicing, sales and marketing, general and administrative services. The Group expects CreditEase to continue to provide certain support services, but to the extent CreditEase does not continue to provide such support, the Group established its own support systems. The Group recorded expenses of the above services on an allocation basis for the purpose of preparing the accompanying consolidated financial statements. After the transfer of Yirendai Business into the Group, the Group entered into a series of reorganization agreements with CreditEase that governed the relationship between CreditEase and the Group and provided for, among other things, the provision of services by CreditEase to the Group and the allocation of liabilities and obligations attributable or related to periods or events prior to and in connection with the initial public offering (“IPO”). These service transactions between the Group and CreditEase are herein referred to as related party transactions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">The Yirendai Business' working capital requirements have historically been part of the corporate cash management program of CreditEase. For the purpose of cash flow presentation, please refer to Note 1 for details.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">The Group accounts for such related party transactions based on the series of reorganization agreements prior to the completion of reorganization and various services agreements after the completion of reorganization and reflects for all periods presented herein. Below summarizes the relationship with entities in CreditEase, and their nature of services provided to the Yirendai Business. Total allocation cost and expense from CreditEase for such services were approximately $<font>2,301</font>, $<font>16,060</font> and $<font>69,391</font> for the year ended December 31, 2013, 2014 and 2015, respectively, of which including provision of collection service amounted to $<font>8</font>, $<font>54</font> and $<font>537</font>, borrowers and investors acquisition and referral fee amounted to $<font>1,328</font>, $<font>12,329</font> and $<font>64,476</font> and system supporting amounted to $<font>781</font>, $<font>1,694</font> and $<font>4,155</font> for the year ended December 31, 2013, 2014 and 2015, respectively, which will be continuously provided by CreditEase after completion of IPO.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">The Group also provides borrower acquisition and referral services to CreditEase Puhui from April 1, 2015. The borrowers' acquisition and referral revenue amounted to $<font>471</font> for the year ended December 31, 2015.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">During August 2013 to December 2014, Yirendai Business worked with Tian Da Xin An, a subsidiary of consolidated VIEs of CreditEase, by introducing Tian Da Xin An as the guarantor in the loan facilitation agreements. Under such agreements, Tian Da Xin An guaranteed for the principal and interest paid to investors and for transaction fees paid to the Group in case of borrower default. Because Yirendai and Tian Da Xin An are under common control of CreditEase, Yirendai did not charge commission for referral business to Tian Da Xin An. Meanwhile, Tian Da Xin An did not charge guarantee fee for the guarantee service on transaction fee. As a result, <font>no</font> commission of referral or guarantee expense on the transaction fee was reflected in the accompanying financial statements. In January 2015, Yirendai provided investor protection services to investors in the form of a risk reserve fund as discussed in Note 2.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">In addition, the Group obtained a worldwide and royalty-free license from CreditEase to use its trademarks and used the proprietary systems developed by CreditEase free of charge.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">CreditEase transferred assets and liabilities of Yirendai business to the Group in the first quarter of 2015 as discussed in Note 1.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">The table below sets forth major related parties and their relationships with the Group:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <table style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 4%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 35%; border-bottom: Black 1pt solid;" nowrap="nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Company </font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">name</font></td> <td style="width: 2%; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="width: 25%; border-bottom: Black 1pt solid;" nowrap="nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Relationship with the</font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Group</font></td> <td style="width: 2%; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="width: 36%; border-bottom: Black 1pt solid;" nowrap="nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Major transaction with the </font><br/> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Group</font></td> </tr> <tr style="vertical-align: top;"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">CreditEase Huimin Investment Management (Beijing) Co., Ltd. (“CreditEase Huimin”)</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Consolidated VIE of CreditEase</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Receipts on behalf of the Group for transactions fees and services fees through external payment network</font></td> </tr> <tr style="vertical-align: top;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top;"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Tian Da Xin An</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Subsidiary of consolidated VIE of CreditEase</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Guarantee services</font></td> </tr> <tr style="vertical-align: top;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top;"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Pucheng Credit Assessment and Management (Beijing) Co., Ltd. (“Pucheng Credit”)</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Consolidated VIE of CreditEase</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Credit assessment and collection services</font></td> </tr> <tr style="vertical-align: top;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top;"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">CreditEase Puhui</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Consolidated VIE of CreditEase</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Borrower acquisition and referral services to/from the Group</font></td> </tr> <tr style="vertical-align: top;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top;"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Puxin Hengye Technology Development (Beijing) Co., Ltd. (“Puxin Hengye”)</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Subsidiary of CreditEase</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">System support services</font></td> </tr> <tr style="vertical-align: top;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top;"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">CreditEase Zhuoyue Wealth Investment & Management (Beijing) Co., Ltd. (“CreditEase Zhuoyue”)</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Consolidated VIE of CreditEase</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Investor acquisition and referral services</font></td> </tr> <tr style="vertical-align: top;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top;"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Beijing Zhicheng Credit Service Co., Ltd. (“Beijing Zhicheng”)</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Consolidated VIE of CreditEase</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Identity verification services</font></td> </tr> <tr style="vertical-align: top;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top;"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">CreditEase</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Parent Company</font></td> <td> </td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Paid in capital and loan</font></td> </tr> <tr style="vertical-align: top;"> <td style="width: 20px;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="width: 20px;"> </td> <td style="width: 20px;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> <td style="width: 20px;"> </td> <td style="width: 20px;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: top;"> <td style="width: 20px;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Hainan CreditEase Puhui Small Loan Co., Ltd. (“Hainan CreditEase”)</font></font></td> <td style="width: 20px;"> </td> <td style="width: 20px;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Consolidated VIE of </font>CreditEase </font></td> <td style="width: 20px;"> </td> <td style="width: 20px;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Prepayment</font></td> </tr> </table> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;">Details of related party balances as of December 31, 2014 and December 31, 2015 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <div> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 4%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(i)</font></td> <td style="vertical-align: top; width: 92%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Amounts due from related parties</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 11%;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Tian Da Xin An (Note a)</td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 14%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>5,489</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 14%; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>3,208</font></td> <td style="width: 1%; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">CreditEase Huimin (Note b)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>10,158</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Beijing Zhicheng</td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"> <font><font>—</font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="background-color: #cceeff;"> </td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font>16</font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">CreditEase Zhuoyue</td> <td> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';"> <font><font>—</font></font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; font-family: 'Times New Roman';"> </td> <td style="text-align: right; font-family: 'Times New Roman';"><font>3</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'Times New Roman'; background-color: #cceeff;">Hainan CreditEase </td> <td style="width: 20px; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"> <font><font>—</font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="width: 20px; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; font-family: 'Times New Roman'; background-color: #cceeff;"><font> <font>31</font></font></td> <td style="text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Total</td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right; ;font-family: 'Times New Roman';"><font>5,489</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right; ;font-family: 'Times New Roman';"><font>13,416</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 8%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 5%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(a)</font></td> <td style="vertical-align: top; width: 87%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Under the guarantee model, for providing the guarantee service to the investors on the principle and interest, Tian Da Xin An charges the investors at a rate of <font>10</font>% based on monthly interest on loans as servicing fee, which is to be collected by the Group on behalf of the guarantee company. The Group pays the investors the principal and interest on loans that default, and collects from Tian Da Xin An the associated unpaid transaction fee in accordance with the guarantee arrangement (see Note <font>2</font>, Revenue from loan facilitation services). The balance of amount due from Tian Da Xin An as of December 31, 2014 and 2015 represents the net amount of services fee payable and the receivable amount arising from guarantee fee, principal and interest on loans that defaulted as well as the associated unpaid uncollectible transaction fee.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 8%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 5%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(b)</font></td> <td style="vertical-align: top; width: 87%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Amount due from CreditEase Huimin as of December 31, 2015 mainly represents the transactions fees and services fees received by CreditEase Huimin through the external payment network on behalf of the Group before carve-out.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">  </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 4%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(ii)</font></td> <td style="vertical-align: top; width: 92%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Amounts due to related parties</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin-left: 11%;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2014</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> <td style="text-align: center; border-bottom: Black 1pt solid;" colspan="2" nowrap="nowrap">December 31,<br/> 2015</td> <td style="padding-bottom: 1pt; ;font-family: 'Times New Roman';" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 66%; text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">CreditEase Puhui (Notes a and b)</td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 14%; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; ;font-family: 'Times New Roman';"> </td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="width: 14%; text-align: right; ;font-family: 'Times New Roman';"><font>527</font></td> <td style="width: 1%; text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Puxin Hengye (Note a)</td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="text-align: right; ;font-family: 'Times New Roman';"><font>37</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Pucheng Credit (Note a)</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; ;font-family: 'Times New Roman';"><font>2</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-indent: -10pt; padding-left: 10pt; ;font-family: 'Times New Roman';">Total</td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right; ;font-family: 'Times New Roman';"><font>—</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left; ;font-family: 'Times New Roman';"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right; ;font-family: 'Times New Roman';"><font>566</font></td> <td style="text-align: left; ;font-family: 'Times New Roman';"> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 8%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 5%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(a)</font></td> <td style="vertical-align: top; width: 87%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Amounts due to related parties represented the provision of credit assessment, collection, system support, investors acquisition and referral and identity verification services by the related parties to Heng Cheng and Heng Ye as of December 31, 2015. Heng Cheng and Heng Ye operated as standalone entities since January 2015 and did not rely on the corporate cash management program of CreditEase.</font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr> <td style="width: 8%; ;font-family: 'Times New Roman';"> </td> <td style="vertical-align: top; width: 5%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(b)</font></td> <td style="vertical-align: top; width: 87%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Since April 2015, the Group also provides borrower acquisition and referral service to CreditEase Puhui, receivables from CreditEase Puhui in relation to provision of borrower acquisition and referral service is netted off with amount due to CreditEase Puhui.</font></td> </tr> </table> </div> </div>
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<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty id="Tag751" contextRef="D2015-01-01_To_2015-12-31_CreditEaseMember" unitRef="USD" decimals="-3"> 69391000 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty id="Tag752" contextRef="D2015-01-01_To_2015-12-31_CreditEaseMember_BorrowersAndInvestorsAcquisitionAndReferralFeeMember" unitRef="USD" decimals="-3"> 64476000 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:GeneralAndAdministrativeExpense id="Tag753" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 4998000 </us-gaap:GeneralAndAdministrativeExpense>
<us-gaap:OperatingExpenses id="Tag754" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 11473000 </us-gaap:OperatingExpenses>
<us-gaap:MarketableSecuritiesEquitySecurities id="Tag755" contextRef="I2016-04-22_SubsequentEventMember_PuxinHengyeMember" unitRef="CNY" decimals="-6"> 25000000 </us-gaap:MarketableSecuritiesEquitySecurities>
<yrd:LoanFacilitationServiceRevenue id="Tag756" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 31317000 </yrd:LoanFacilitationServiceRevenue>
<yrd:LoanFacilitationServiceRevenue id="Tag757" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 203501000 </yrd:LoanFacilitationServiceRevenue>
<us-gaap:OtherSalesRevenueNet id="Tag758" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 1276000 </us-gaap:OtherSalesRevenueNet>
<us-gaap:SalesRevenueNet id="Tag759" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 209088000 </us-gaap:SalesRevenueNet>
<us-gaap:SellingAndMarketingExpense id="Tag760" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 22354000 </us-gaap:SellingAndMarketingExpense>
<us-gaap:SellingAndMarketingExpense id="Tag761" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 108197000 </us-gaap:SellingAndMarketingExpense>
<us-gaap:GeneralAndAdministrativeExpense id="Tag762" contextRef="D2014-01-01_To_2014-12-31" unitRef="USD" decimals="-3"> 10490000 </us-gaap:GeneralAndAdministrativeExpense>
<us-gaap:GeneralAndAdministrativeExpense id="Tag763" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3"> 21821000 </us-gaap:GeneralAndAdministrativeExpense>
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<us-gaap:OtherSalesRevenueNet id="Tag765" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 61000 </us-gaap:OtherSalesRevenueNet>
<yrd:OriginationAndServicingCosts id="Tag766" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 1255000 </yrd:OriginationAndServicingCosts>
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<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty id="Tag768" contextRef="D2013-01-01_To_2013-12-31_CreditEaseMember_ProvisionOfCollectionServiceMember" unitRef="USD" decimals="-3"> 8000 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:VariableInterestEntityOwnershipPercentage id="Tag769" contextRef="D2016-01-01_To_2016-01-31_ChinaInternationalCapitalCorporationLimitedMember_SubsequentEventMember_ConsolidatedEntityExcludingVariableInterestEntitiesVIEMember" unitRef="Pure" decimals="2"> 1.00 </us-gaap:VariableInterestEntityOwnershipPercentage>
<yrd:BenefitFromTrust id="Tag770" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-5"> 2100000 </yrd:BenefitFromTrust>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 4%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>16.</b></font></td> <td style="width: 96%; ;font-family: 'Times New Roman';"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>SUBSEQUENT EVENTS</b></font></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In January 2016, Zhe Hao (on behalf of the Fund) entered into arrangements with China International Capital Corporation Limited (the <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">“SPV Manager”</font> which is a third party investment bank). Pursuant to the agreements, Zhe Hao would transfer the Fund's <font>100</font>% beneficial rights in the Trust (after deducting the benefit from the Trust enjoyed by the Fund during the period prior to the transfer of US$<font>2.1</font> million) (the<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"> “Beneficial Right Asset”</font>) to the SPV Manager, and the SPV Manager created a Yiren Elite Loan Trust Beneficial Right Asset Backed Special Plan to host this Beneficial Right Asset. The SPV Manager issued asset backed securities (the <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">“ABS”</font>) backed by the Beneficial Right Asset to certain qualified institutional investors and individuals. Such ABS plan was approved by Shenzhen Stock Exchange for listing at the end of February 2016. The transfer of beneficiary rights from Zhe Hao to SPV was completed on April 22, 2016. On the same date, the Group purchased US$<font>7.3</font> million (equivalent to RMB<font>47.5</font> million) Senior A Tranche securities. Puxin Hengye purchased all subordinated securities amounted to US$<font>3.9</font> million (equivalent to RMB<font>25</font> million) and <font>two</font> fund which were set up and managed by Zhe Hao purchased various tranches of securities amounted to US$<font>10.4</font> million (equivalent to RMB<font>67.5</font> million), representing <font>19</font>%, <font>10</font>% and <font>27</font>% of the total price of securities issued, respectively. The Group will continue to provide post origination services with respect to the underlying loan assets. The Group is currently evaluating the accounting treatment with respect to the ABS arrangement described above.</font></p> </div> </div>
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<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty id="Tag773" contextRef="D2014-01-01_To_2014-12-31_CreditEaseMember_ProvisionOfCollectionServiceMember" unitRef="USD" decimals="-3"> 54000 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
<us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty id="Tag774" contextRef="D2015-01-01_To_2015-12-31_CreditEaseMember_SystemReportingMember" unitRef="USD" decimals="-3"> 4155000 </us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty>
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<us-gaap:DueFromRelatedParties id="Tag776" contextRef="I2015-12-31_CreditEaseHuiminMember" unitRef="USD" decimals="-3"> 10158000 </us-gaap:DueFromRelatedParties>
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<yrd:LoanFacilitationServiceRevenue id="Tag780" contextRef="D2013-01-01_To_2013-12-31" unitRef="USD" decimals="-3"> 3045000 </yrd:LoanFacilitationServiceRevenue>
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<us-gaap:MarketableSecuritiesEquitySecurities id="Tag782" contextRef="I2016-04-22_SubsequentEventMember_PuxinHengyeMember" unitRef="USD" decimals="-5"> 3900000 </us-gaap:MarketableSecuritiesEquitySecurities>
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<link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote4" xlink:role="http://www.xbrl.org/2003/role/footnote"> Heng Cheng was established on September 15, 2014 as the operating entity in PRC of the Yirendai Business in contemplating raising capital for this business through an initial public offering. CreditEase designated Mr. Ning Tang, Mr. Fanshun Kong and Ms. Yan Tian, three PRC citizens, as the shareholders of Heng Cheng (collectively the “three designated shareholders”) on behalf of CreditEase. The capital injected into Heng Cheng by the three designated shareholders was provided by CreditEase through loans extended by Puxin Hengye. As a result, Mr. Ning Tang, Mr. Fanshun Kong and Ms. Yan Tian were considered de facto agent of CreditEase, and CreditEase should consolidate Heng Cheng as a VIE. </link:footnote>
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<link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote3" xlink:role="http://www.xbrl.org/2003/role/footnote"> Amount represents cash received on non-contingent fees allocated to the stand-ready liability for loans generated during the year. </link:footnote>
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<link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote8" xlink:role="http://www.xbrl.org/2003/role/footnote"> The Company opened accounts with external online payment service providers to collect and transfer loan funds and interest to investors or borrowers. The Company also uses such accounts to collect the transaction fee and service fee, and repay and collect the default loan principal and interest. The balance of funds receivable from external payment network providers mainly includes (a) fund received from investors but not yet transferred to accounts of borrowers by external payment network providers due to the settlement time lag; (b) repayment of loan principal and interest amounts received from borrowers but not yet transferred to accounts of investors by external payment network due to the settlement time lag and (c) accumulated amounts of transaction fee, service fee received, payment and collection of default loan and interest at the balance sheet date. </link:footnote>
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<link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote9" xlink:role="http://www.xbrl.org/2003/role/footnote"> Expressed as a percentage of the loan volume. </link:footnote>
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<link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote10" xlink:role="http://www.xbrl.org/2003/role/footnote"> Expressed as a percentage of remaining principle of loans. </link:footnote>
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<link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote5" xlink:role="http://www.xbrl.org/2003/role/footnote"> The balance of fund payable mainly includes fund payable to investors or borrowers due to the settlement time lag by external payment network. </link:footnote>
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</xbrli:xbrl>

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