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Company's major VIEs and VIE's subsidiaries

Name of VIE and VIEs’ subsidiaries		Date of establishment/acquisition

Shanghai Ctrip Commerce Co., Ltd. (“Shanghai Ctrip Commerce”)		Established on July 18, 2000
Beijing Ctrip International Travel Agency Co., Ltd. (“Beijing Ctrip”)		Acquired on January 15, 2002
Guangzhou Ctrip International Travel Agency Co., Ltd. (“Guangzhou Ctrip”)		Established on April 28, 2003
Shanghai Ctrip International Travel Agency Co., Ltd. (“Shanghai Ctrip” formerly Shanghai Ctrip Charming International Travel Agency Co., Ltd.)		Acquired on September 23, 2003
Shenzhen Ctrip Travel Agency Co., Ltd. (“Shenzhen Ctrip”)		Established on April 13, 2004
Ctrip Insurance Agency Co., Ltd. (“Ctrip Insurance”)		Established on July 25, 2011
Shanghai Huacheng Southwest International Travel Agency Co., Ltd. (“Shanghai Huacheng” formerly Shanghai Huacheng Southwest Travel Agency Co., Ltd.)		Established on March 13, 2001
Chengdu Ctrip Travel Agency Co., Ltd. (“Chengdu Ctrip”)		Established on January 8, 2007
Chengdu Ctrip International Travel Agency Co., Ltd. (“Chengdu Ctrip International”)		Established on November 4, 2008
Qunar.com Beijing Information Technology Company Limited (“Qunar Beijing”)		Established on March 17, 2006

Consolidation balance sheet information of VIEs

	As of December 31,
	2014		2015
	RMB		RMB
Total assets	13,495,852,174		22,188,424,951

Less: Inter-company receivables	(1,424,351,080	)	(3,808,937,898	)

Total assets excluding inter-company	12,071,501,094		18,379,487,053

Total liabilities	12,509,239,945		20,998,061,568

Less: Inter-company payables	(6,133,068,354	)	(8,572,648,210	)

Total liabilities excluding inter-company	6,376,171,591		12,425,413,358

Consolidation results of operations information of VIEs

	For the year ended December 31,
	2013		2014		2015
	RMB		RMB		RMB
Net revenues	3,137,211,893		4,138,380,618		6,384,556,234
Cost of revenues	904,328,902		1,252,538,920		1,983,511,461
Net income / (loss)	(74,463,933	)	(87,193,139	)	(73,523,163	)

Property, equipment and software, estimated useful lives

Building		20-40 years
Leasehold improvements		Lesser of the term of the lease or the estimated useful lives of the assets
Website-related equipment		5 years
Computer equipment		3-5 years
Furniture and fixtures		3-5 years
Software		3-5 years

Allowance for doubtful accounts

	2013		2014		2015
	RMB		RMB		RMB
Balance at beginning of year	4,351,963		5,896,903		14,707,184
Provision for doubtful accounts	2,842,681		11,737,580		32,080,786
Write-offs	(1,297,741	)	(2,927,299	)	(8,550,312	)

Balance at end of period	5,896,903		14,707,184		38,237,658

Company's share option activity under all the incentive plans

The following table summarized the Company’s share option activity under all the option plans (in US$, except shares):

	Number of Shares		Weighted Average Exercise Price	Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2012	3,919,535		64.81	5.14	57,772,345

Granted	945,106		79.70
Exercised	(660,459	)	48.05
Forfeited	(73,450	)	91.75

Outstanding at December 31, 2013	4,130,732		70.42	4.99	528,988,489

Granted	1,472,449		172.56
Exercised	(573,351	)	62.52
Forfeited	(57,652	)	117.63

Outstanding at December 31, 2014	4,972,178		101.03	5.17	405,399,251

Granted	625,006		247.91
Exercised	(506,163	)	65.65
Forfeited	(85,560	)	156.32

Outstanding at December 31, 2015	5,005,461		122.00	4.77	1,244,544,670

Vested and expect to vest at December 31, 2015	4,817,960		120.31	4.71	1,206,083,858

Exercisable at December 31, 2015	2,661,689		83.69	3.39	763,784,521

The following table summarizes information related to outstanding and exercisable options as of December 31, 2015 (in US$, except shares):

	Outstanding			Exercisable
Range of Exercise Prices	Number of shares	Weighted-Average Exercise Price	Weighted-average Remaining Contractual Life (Years)	Number of shares	Weighted-Average Exercise Price	Weighted-average Remaining Contractual Life (Years)
35.00-44.99	842,593	38.02	1.10	842,593	38.02	1.10
45.00-58.99	200	58.39	0.00	200	58.39	0.00
59.00-77.99	1,183,878	77.03	5.01	621,952	76.17	4.97
78.00-96.99	571,277	91.31	3.25	454,764	92.17	3.00
97.00-129.99	390,344	105.36	3.68	390,344	105.36	3.68
130.00-259.99	2,017,169	195.40	6.80	351,836	171.34	6.24

	5,005,461			2,661,689

Assumptions of Black-Scholes pricing model

	2013	2014	2015
Risk-free interest rate	0.69%-0.87%	1.66%-1.75%	1.35%-1.59%
Expected life (years)	5.0	5.0	5.0
Expected dividend yield	0%	0%	0%
Volatility	56%	49%-52%	49%-50%
Fair value of options at grant date per share	from US$37.96 to US$39.69	from US$74.98 to US$109.57	from US$105.16 to US$112.76

Schedule of restricted share activities under all option plans

The following table summarized the Company’s RSUs activities under all incentive plans (in US$, except shares):

	Number of Shares		Weighted average grant date fair value(US$)
Restricted shares
Unvested at December 31, 2012	646,301		101.30

Granted	259,365		79.23
Vested	(224,939	)	118.54
Forfeited	(57,303	)	85.40

Unvested at December 31, 2013	623,424		83.60

Granted	761,514		185.40
Vested	(261,692	)	86.82
Forfeited	(64,638	)	148.02

Unvested at December 31, 2014	1,058,608		158.55

Granted	229,603		249.31
Vested	(271,683	)	129.21
Forfeited	(151,120	)	181.47

Unvested at December 31, 2015	865,408		185.17

Components of other income

	2013		2014		2015
	RMB		RMB		RMB
Gain on deconsolidation of subsidiaries (Note 8)	—		789,193		2,294,451,702
Subsidy income	119,697,248		132,094,928		199,418,778
Dividends from a cost method investment	—		39,036,138		—
Bank charges	(18,940,474	)	(49,713,255	)	(61,150,707	)
Foreign exchange gains/(losses)	32,523,857		(55,930,392	)	12,638,982
Reimbursement from the depository	17,507,842		—		11,582,882
Loss from impairment of long-term investment (Note 9)	—		(33,000,000	)	—
Gain on disposal of cost method investment	4,014,829				—
Loss on disposal of a subsidiary	—		(1,529,046	)	—
Others	7,726,330		12,073,069		24,038,193

Total	162,529,632		43,820,635		2,480,979,830

Qunar

Summary of fair value of acquisition cost

	RMB	US$
Fair value of previously held equity interest (1)	21,698,582,100	3,416,184,974
Consideration paid in December 2015	10,842,783,275	1,687,067,570

Total purchase cost	32,541,365,375	5,103,252,544

(1)

Which also represents fair value of purchase consideration for the initial 45% equity method investment in October 2015

Schedule of Pro Forma results

	RMB
Cash and cash equivalents	5,169,733,816
Advance to suppliers	1,177,437,522
Prepayments and other current assets	3,075,154,225
Long-term investments	712,967,197
Fixed assets, net	232,085,350
Other non-current assets	127,412,235
Accounts payable	(1,584,668,322	)
Taxes payable	(1,028,960,573	)
Short-term debts	(3,301,856,678	)
Accrued expenses and other current liabilities	(4,526,855,580	)
Non-current liability	(93,019,969	)
Non-controlling interests	(5,282,358	)

Net assets of Qunar acquired	(45,853,135	)
Identifiable intangible assets — trademark and domain	8,998,429,167
Identifiable intangible assets — technology and supplier network for new products*	948,347,023
Deferred tax liabilities	(2,489,866,400	)
Non-controlling interests	(17,850,614,771	)
Goodwill	42,980,923,491

Total purchase consideration	32,541,365,375

In thousands	2014		2015
	RMB		RMB
Pro-forma net revenues	8,917,279		14,812,533
Pro-forma net loss	(1,889,396	)	(5,086,934	)

A technology company focusing on hotel customer reviews

	RMB
Net assets	2,134,170
Identifiable intangible assets — System, brand and customer relationship	44,752,000
Deferred tax liabilities	(11,188,000	)
Goodwill	333,320,722
Fair value of previously held equity interest	(129,360,000	)

Total purchase consideration	239,658,892

An offline travel agency

	RMB
Net assets (including the cash acquired of RMB142 million)	164,411,042
Identifiable intangible assets — customer relationship	67,000,000
Identifiable intangible assets — trademark	174,800,000
Deferred tax liabilities	(60,450,000	)
Non-controlling interests	(370,656,000	)
Goodwill	331,615,519

Total purchase consideration	306,720,561

Travelfusion

An online trip package service provider

	RMB
Net assets	36,936,493
Identifiable intangible assets — trademark and domain	78,058,071
Identifiable intangible assets — Business relationship	261,146,660
Identifiable intangible assets — IT Platform	5,051,377
Deferred tax liabilities	(72,293,783	)
Non-controlling interests	(275,995,802	)
Goodwill	687,633,024

Total purchase consideration	720,536,040

PREPAYMENTS AND OTHER CURRENT ASSETS

	RMB
Net assets	13,176,760
Identifiable intangible assets — trademark and domain	61,564,134
Deferred tax liabilities	(9,234,620	)
Non-controlling interests	(134,009,200	)
Goodwill	207,981,890

Total purchase consideration	139,478,964

PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2015

Components of prepayments and other current assets

	2014	2015
	RMB	RMB
Prepayments and deposits to vendors	2,277,055,303	5,527,802,541
Employee advances	24,041,438	453,304,997
Prepaid expenses	27,226,997	262,797,329
Receivables from financial institution	65,310,413	221,221,736
Interest receivable	39,436,993	71,558,995
Others	36,636,191	213,280,229

Total	2,469,707,335	6,749,965,827

LONG-TERM DEPOSITS AND PREPAYMENTS (Tables)

12 Months Ended

Dec. 31, 2015

LONG-TERM DEPOSITS AND PREPAYMENTS

Components of long-term deposits and prepayments

	2014	2015
	RMB	RMB
Deposits paid to airline suppliers	128,845,051	141,890,707
Prepayments for purchase of long lived assets	—	120,699,207
Deposits paid to hotel suppliers	42,495,335	118,851,829
Deposits paid to lessor	16,165,551	40,360,900
Deposits paid to travel bureau	1,387,812	2,586,292
Others	36,375,314	62,397,033

Total	225,269,063	486,785,968

PROPERTY, EQUIPMENT AND SOFTWARE (Tables)

12 Months Ended

Dec. 31, 2015

PROPERTY, EQUIPMENT AND SOFTWARE

Schedule of property, equipment and software and its related accumulated depreciation and amortization

	2014		2015
	RMB		RMB
Buildings	1,928,090,705		5,048,349,531
Computer equipment	350,022,706		534,734,639
Website-related equipment	246,791,832		377,457,565
Furniture and fixtures	86,013,103		125,609,830
Software	76,484,726		101,444,245
Leasehold improvements	51,638,809		129,401,013
Construction in progress	3,014,154,910		11,231,274
Less: accumulated depreciation and amortization	(532,570,330	)	(772,268,598	)

Total net book value	5,220,626,461		5,555,959,499

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of long-term investments

	2014	2015
	RMB	RMB

Held to maturity investment
Long-term time deposit	—	1,020,425,292

Available-for-sale investments
Tujia	—	2,876,749,196
LY.com	1,547,844,523	1,745,309,616
Hanting	898,828,511	1,116,231,309
eHi	535,024,052	793,869,127
Easy Go	627,905,501	527,301,676
Tuniu	216,690,294	430,659,093
Others	207,514,062	316,742,816

Equity method investments
eLong	—	2,632,145,397
Homeinns	902,964,928	961,773,378
Others	169,902,835	461,048,432

Cost method investments	212,081,741	988,268,166

Total net book value	5,318,756,447	13,870,523,498

Schedule of financial information of investees

	Year ended December 31,
	2013	2014	2015
	Equity investments	Equity investments	Qunar		Other equity investments
Operating data:
Revenue	6,209,097,961	6,667,675,419	841,814,520		7,069,224,177
Gross profit	995,803,159	1,280,767,842	537,240,212		1,581,396,551
Income/(loss) from operations	454,747,888	646,012,004	(4,792,664,736	)	(20,961,158	)
Net income/(loss)	190,462,888	446,181,771	(4,917,200,749	)	(189,461,030	)
Net income/(loss) attributable to our equity method investments companies	29,135,272	66,427,909	(2,352,388,839	)	(127,465,948	)
Add: Equity dilution impact	26,418,800	20,577,432	—		(8,314,364	)
Add: Gain/(loss) from disposal of equity investments, including the remeasurement gain/(loss) from previously held equity investments in step acquisitions	592,742	100,185,800	2,352,388,839		—
Equity in income/(loss) of affiliates	56,146,814	187,191,141	—		(135,780,312	)

	As of December 31,
	2013	2014	2015
Balance sheet data:
Current assets	1,633,265,014	1,383,806,709	9,433,080,372		4,091,410,052
Long-term assets	7,760,394,239	9,377,157,121	1,072,464,782		10,102,034,376
Current liabilities.	1,790,122,457	1,771,565,291	10,442,341,153		4,043,523,264
Long-term liabilities.	3,292,033,000	3,549,170,630	93,019,969		466,730,372
Non-controlling interests.	19,429,000	15,188,000	5,282,358		76,928,317

Qunar

Carrying amount and unrealized securities holding profit for equity method investment

	2015
	RMB
Investment cost	21,698,582,100
Foreign currency translation	430,780,926
Total investment cost	22,129,363,026

Value booked under equity method
Share of cumulative loss	(2,352,388,839	)
Amortization of outside difference, net of tax	(25,849,397	)
Carrying value of the investment at the date prior to the consolidation	19,751,124,790

eLong

Carrying amount and unrealized securities holding profit for equity method investment

	2015
	RMB
Investment cost	2,615,954,303
Foreign currency translation	116,898,432

Total investment cost	2,732,852,735


Value booked under equity method
Share of cumulative loss	(98,560,550	)
Amortization of outside difference, net of tax	(2,146,788	)

Total booked value under equity method.	(100,707,338	)


Net book value as of December 31, 2015	2,632,145,397

Homeinns